The production cost difference between integrated steel producers and others is expected to increase sharply after the aggressive bidding by merchant iron ore in Karnataka. The iron ore cost is set to rise 30-40 per cent for non-integrated steel companies after the Karnataka auction. Bidders have to commit a portion of their iron sales realisation […]
Responding to cost pressure and greater demand, domestic steel producers have raised prices by Rs 1,000-1,500 a tonne across products for January, reports Business Standard. “Iron ore miners have increased prices by Rs 600 per tonne and so this increases the cost of production by Rs 1,000 a tonne. Hence, we have hiked prices from […]
Steel manufacturers and other end user industries in India have accelerated iron ore buying as they fear disruptions in supplies after the end of lease tenure of merchant mines by March 31, 2020. Almost all leading integrated steel makers and secondary producers have intensified iron ore sourcing to avert raw material crunch and ensure uninterrupted […]
Iron prices are set to increase from March 2020 as the Odisha government annulled three rounds of bids called in to auction 20 iron mines whose leases are expiring in March. The fresh bid documents were released on December 6 with original timelines maintained. In an attempt to stop cornering of mines by one single […]
The closure of 88 iron-ore mines in the western Indian coastal province of Goa since March 2018 has resulted in a revenue loss of $832-million a year, according to a study by Federation of Indian Mineral Industries (FIMI). According to FIMI, the closure of the mines for the past one-and-half years has resulted in more […]
Rio Tinto Group, a British-Australian behemoth in the global mining industry, has signed its first yuan-denominated purchase contract as China looks to internationalize its currency and move more Chinese steel overseas, Yicai Global reported London- and Melbourne-based Rio agreed to buy 170,000 tonnes of iron ore from Shanxi Gaoyi Steel, Shanghai Securities News reported today. […]
Mining companies in Karnataka are expecting iron ore prices to fall as supply from NMDC’s Donimalai mines is likely to restart. Lesser offtake of steel due to a decline in demand is another reason being cited for the fall in iron ore prices, reports Business Standard. To ensure seamless renewal of mining leases allocated to the government companies, the Union […]
Delays in auctions of mining leases that are due to expire in March 2020 are threatening to disrupt the country’s production of the key steel-making raw material and raising the prospect of higher imports, according to the Federation of Indian Mineral Industries. The industry group isn’t alone in its prognosis. Citigroup Inc. last month forecast […]
The Odisha government has invited financial and technical bids to grant mining leases (ML) for 10 iron ore and manganese blocks, reports Business Standard. The central government had recently approved the revision in mining lease area limits for iron ore and associated minerals in Odisha to 58 square kilometres (sq km), up from 10 sq km prescribed in Section 6 (1) […]
The huge inventory of iron ore at pit-heads of mines lapsing by March 31, 2020 is going to pose a hurdle to new miners who acquire them after auctions, reports Business Standard. The stockpile of iron ore has mounted to 163 million tonnes across mines in the country. Odisha and Jharkhand combined together account for 137 million tonnes of […]
