China’s steelmakers are consuming more iron ore pellets in their blast furnace production these days, new data suggests. As of October 21, the 64 mills surveyed regularly by Mysteel had raised the proportion of pellets in their furnace feedstocks by 0.08 percentage point on fortnight to reach 16.46% – the second highest since the survey […]
Iron ore futures extended losses, with the Chinese Dalian benchmark touching a fresh two-week low, as China’s rising port inventories and softening physical demand for steel products weighed on sentiment, Reuters reports. Portside iron ore stocks in top steel producer China also rose to a seven-month high of 123.6 million tonnes last week, SteelHome consultancy […]
The Federation of Indian Mineral Industries (FIMI) has said that stockpiles at mine-heads are increasing. Refusing to allow their exports will only amount to complete wastage of a material which can earn valuable foreign exchange for the country, it said. Currently, India requires around 165 million tonnes of iron ore as against production of 206 million tonnes […]
The Indian mining industry has urged the government to reduce high export taxes on iron ore and bauxite, which are stifling the growth of the industry. Sunil Duggal, president of the Federation of Indian Mineral Industries, said that around 137 million tons of iron ore fines of 62% grade were lying unutilised at the mines […]
The government said there has been no change in the export policy of iron ore pellets not manufactured by Kudremukh Iron Ore Company Ltd, rebutting charges levelled by the Congress that Rs 40,000 crore worth of the product was exported in violation of rules by some private players, causing loss to the state exchequer. The […]
The recovery in both automobile and white goods sectors have helped steel companies push Hot Rolled Coils (HRC) prices above the pre-Covid level of Rs 42,000 a tonne. Steel companies have hiked hot-rolled coil prices by Rs 2,000 a tonne to about Rs 42,500 and that of wire rods and TMT bars by a similar […]
After bearing the brunt of coronavirus, Indian steelmakers should brace themselves for higher iron-ore prices in the domestic market. Domestic iron-ore prices are set to increase with only five out of the 19 iron ore mines in the eastern state of Odisha, which were auctioned in March, currently operational, according to India Ratings. Government leases […]
A sharp rebound in the Chinese economy – the world’s biggest consumer of resource and energy commodities – means Australia would benefit in a world battling with an overall economic contraction, a latest quarterly government report said. According to Australia’s Department of Industry, Science, energy and Resources, resource and energy commodity exports are likely to […]
State-owned NMDC has announced the performance of its production and sales of iron ore for August 2020. In the latest month, the company recorded higher production of 1.62 million tonnes compared to 1.41 million tonnes of iron ore produced in the same month a year ago. Sales also jumped to 1.79 million tonnes in August […]
Steel companies in India are set to increase prices from September owing to cost-push and higher international prices. The difference between domestic and international prices currently is about 8 per cent. An increase in prices from September is on the cards. Steel companies are yet to decide the amount of hike. It should be noted […]
