JSW Steel Ltd., India’s most valuable steel producer, is predicting declines for iron ore next year as demand from biggest consumer China eases and supplies recover, Bloomberg reports. Prices may trade between $80 and $85 a tonne for the rest of 2019 before sliding to $60 to $65 next year, Seshagiri Rao, joint managing director […]
Fitch Solutions Macro Research said it has revised downwards its 2019 global steel price forecast as global prices continue to be hammered by poor sentiment amid ongoing US-China trade tensions and increasing downside risks to the global economy, as per a Press Trust of India report. In the long term, Fitch Solutions maintains its view […]
The Ministry of Mines has put an interim stay on Karnataka government’s decision to cancel the lease given to NMDC (National Mineral Development Corporation) for the Donimalai iron ore mine, till the next date of hearing, Business Standard reports. On August 17, Karnataka government had decided to cancel the lease and put the mine under auction. NMDC had […]
Undeterred by the continuing skirmish with the Union mines ministry over mineral lease area limits, the Odisha government has decided to revive auctions of iron ore blocks, claims a report in Business Standard. A high-level committee of the state government has decided to issue the Notice Inviting Tenders (NITs) for auctions of 11 more virgin […]
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 […]
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 […]
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 […]
A delay in the auction of iron ore mines, whose licences are expiring by March next year, could hit steel production significantly in the country, a report by India Ratings (Ind-Ra) has cautioned. Licences of 288 merchant mines, of which 59 mines are under operations, will expire by March next and if the auction of […]
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 […]
In the heat and dust of elections, what appears to have missed the public eye is a lost opportunity worth billions of dollars for India’s iron-ore exports. Few political leaders appear to be talking about it except for those in the tiny western state of Goa, where the economy has been brought to the brink […]
