NMDC to invest $1 billion on infrastructure

India’s National Mineral Development Corporation Limited (NMDC) is in the process of investing about One billion dollars on infrastructure in the next three years to help ramp up iron ore production, a senior official of the public sector undertaking told Hindu Business Line. Amitava Mukherjee, Director (Finance), said that the cost of the upcoming 3-million […]

Read more

Higher price, poor quality result in 2.24 million tonnes unsold iron ore inventory in India’s Karnataka

Higher price and poor quality led to an unsold iron ore inventory of 2.24 million tonnes in 2018-19 in Karnataka, according to industry body KISMA. The development assumes significance as a group of mining dependents in Karnataka had earlier requested the Supreme Court-appointed panel to allow free iron ore trade and give preference to local […]

Read more

Non-integrated steel makers to profit from weak forecast on iron ore prices; Odisha iron ore output rises 13%

Leading non-integrated steel players like Jindal Steel & Power Ltd (JSPL) and JSW Steel Ltd are set to profit from the muted hike in domestic iron ore prices. The subdued iron ore prices would also benefit Tata Steel as Bhushan Steel (a company Tata Steel took over in insolvency resolution) sources ore from Odisha, a […]

Read more

Mining dependents in Karnataka, India, ask Supreme Court panel to allow free iron ore trade

iron-ore-mining.jpg

A group of mining dependents in Karnataka has requested the Supreme Court-appointed panel to allow free iron ore trade and give preference to local ore over imports, stating that various restrictions on mining in the state have made their livelihood uncertain. Mining dependents pointed out caps on mining volume, e-auction and other restrictions have lowered […]

Read more

India’s idea of mining moon for Helium-3 might soon become a reality by 2025

European scientists have announced plans to start mining the moon as early as 2025, though what they’ll be extracting is neither gold nor diamonds, but waste-free nuclear energy thought to be worth trillions of dollars. The goal is to place a lander on the lunar surface to mine and process regolith for water, oxygen, metals and an […]

Read more

Production cut by Vale SA to benefit Indian iron ore and steel producers in short term: Ind-Ra Ratings

The recent revocation of the mining licence of Vale SA for the Brucutu mine in Brazil will be favourable for domestic iron ore miners and steel producers in the short term, believes India Ratings and Research (Ind-Ra). With a limited supply of iron ore, the hardening prices of iron ore and steel in the international […]

Read more

With rise in iron ore rates, steel companies in India hike prices by Rs 750 a tonne after 4 months

Taking cues from the global market, domestic primary steel producers have raised prices of steel by Rs 750 per tonne from February 1. This is the first hike in domestic steel prices since October. Domestic steel prices were in the range of Rs 42,000-44,000 per tonne depending upon various products. Naveen Jindal-led Jindal Steel & […]

Read more