Australia predicts 50% drop in iron ore price by 2021

In its latest quarterly report, the Australia’s Department of Industry predicts Chinese steel output – which represents half global production – has reached its high water mark. The official forecaster of the world’s top exporting country sees Chinese steel production peaking at 940 million tonnes this year before going into a steady decline, dragging down imports […]

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Indian iron ore and steel players urge government to abolish import duty on coking coal

The iron ore and steel industry in India has urged the government to abolish import duty and GST compensation cess on coking coal, a key and expensive requirement in iron smelting, reports Business Standard. India doesn’t have good quality coking coal deposits, leading pig iron and steel manufacturers to lean heavily on imports. At the […]

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Karnataka steel industry body calls for fresh auction on ore mines

The Karnataka Iron and Steel Manufacturers’ Association (KISMA) has demanded fresh auction of iron mines in Karnataka to provide a level-playing field between captive and merchant miners.  The industry body also claimed that the concerns raised by merchant miners over the possible supply shortage post expiry of mining leases in March 2019 are “baseless” and […]

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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 […]

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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 […]

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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 […]

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

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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 […]

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