The project is expected to be built in three years and become operational in 2024.

India's primary steelmakers have increased their share of exports in Q4 amid rising international steel prices.

Nearly 7,000 tonnes of pipes were shipped to the US, Australia, and Canada during the period, a year-on-year rise of 31 percent.

Last week, a Tata Steel spokesperson had said the company was supplying 300 tonne of LMO daily to various states.

The group has experience in large scale production, material resources and manufacturing. These factors have ensured high quality and reasonable prices for its cargo.

“This will remove a major bottleneck in transportation of LMO to states. As on date, 1172 tankers are available for LMO, with the capacity 15900 MT,” the statement said.

Steelmaker JSW Steel reported a 6% growth in the crude steel production of 4.19 million tonnes in the last quarter of the financial year 2021.

China Baowu and China Zhongwang are the world's largest iron and Steel Group and the world's second largest industrial aluminum extrusion enterprise respectively. The high-level meeting between them is enough to arouse market expectations.