India plans to end iron ore leases of mines which have failed to start operations even after 7-8 months of auction

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India’s ministry of mines has proposed to terminate the iron ore leases of those working mines that have not started production even after 7-8 months of auction. Those mines  which have not maintained minimum dispatch for three consecutive quarters are also sought to be terminated from the lease. The mines ministry proposed to do so […]

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Steel prices continue rising; hit all-time high

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The northward movement of the steel prices continues unabated, with the rate touching an all-time high of Rs 58,000 per tonne (ex-Mumbai) for benchmark hot-rolled coil (HRC) product. This is amid constrained supply and pick-up in demand from construction, automotive and white goods sectors. According to SteelMint, as on January 1, 2021, the price of […]

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Iron ore miners seek withdrawal of import duty against ban on exports

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Reacting to the steel industry’s demand for a ban on iron ore exports, miners have written to the Prime Minister’s Office (PMO), calling for withdrawal of import and other duties meant for shielding the domestic steel industry which, they believe, has indulged in ‘profiteering’ taking undue advantage of the current market situation. Last week, steel […]

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Yearend – Brazil, Australia iron ore shipments set record; China spearheads other commodities

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The total volume of iron ore dispatched to global destinations from Australia and Brazil was 29.7 million tonnes in December, the highest since June 2019, according to a survey from Mysteel. Iron ore shipments from ten Australian ports bound for global destinations hit 21.7 million tonnes, and the tonnage shipped from Brazil’s nine ports to reach […]

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