Search Result for : Iron Ore

The Dollar Business Bureau Steel Minister Chaudhary Birender Singh said on Thursday that the country has become a net exporter of steel, and the imports of the metal had come down by around 40-45%. “Following protective measures taken by the Government like the minimum import price (MIP) and anti-dumping duty, steelmakers had been posting better results. This has also helped India emerge as a net exporter of steel, and imports had come down by 40-45%,” Singh said while speaking at an interactive session organized by the Bharat Chamber of Commerce. The Minister said that India has to set a target to export 6-7% of its overall steel production from the current 1.5%. “There is no reason to be happy with 1.5% of export. In ...

The Dollar Business Bureau Domestic steel mills may benefit from lower iron ore and coking coal costs in the current year but sustained weakness in demand still remains a concern, ICRA said. The ratings agency in a report said, "Sustained demand weakness remains a concern for the domestic steel industry with a growth of mere 4.6% and 2.6% in FY2016 and FY2017 respectively due to sluggishness in key end-user industries. "Weak demand conditions have led to a correction in domestic hot rolled coil (HRC) prices by 7% in May 2017." The report also specified that the seaborne iron ore prices have corrected by 36% between February and May of 2017 dragged down by a correction in Chinese steel prices, steadily rising iron ore ...

The Dollar Business Bureau JSW Steel on Thursday said the company is planning to spend up to $1 billion (about Rs.6,500 crore) a year on its capacity expansion and acquisitions.  Sajjan Jindal-led company is also looking to bid for two iron ore mines in Odisha and coking coal mines in Jharkhand in the upcoming auctions, JSW Steel Joint MD and Group CFO Seshagiri Rao said: “We are capable of spending up to $1 billion per annum without increasing debt on capacity expansion and acquisitions.”   Rao confirmed that the company is working at its expansion plans, by bidding aggressively for iron ore mines and coal mine auctions later this year. Replying to a query on whether JSW Steel would bid for all the five coking ...

The Dollar Business Bureau The shipments of iron ore handled by India’s 12 major ports increased 169% to 38.61 million tonnes in the period April-January of the current financial year. The state-owned ports had managed 14.37 million tonnes of the key raw material used in steel-making in the same period of the previous fiscal. In its latest report, the Indian Ports Association (IPA), which keeps data of cargo handled by the major 12 ports, said that “percentage variation from previous year” in handling iron ore  was as high as 168.59% in the initial ten-month period of this financial year. Mining major, Vedanta, had said recently that the worst phase of the local iron ore industry is now over and showed confidence that the company’s Goa subsidiary is prepared to withstand the export momentum ...

The Dollar Business Bureau In order to ensure that iron ore is available at cheap rates, Government of India is considering coming out with a policy, the details of which is expected within a month. The move is significant as it comes at a time when the country’s steel industry is reeling under the pressure of high costs of raw material. “What policy steps we need to take to ensure that iron ore is plentifully and cheaply available is something which we are working on and there could be various formulations to that,” an official privy to the development reported told PTI. The government is examining the policy initiatives and hopefully within a month or so it would come with recommendations, the official said, ...

The Dollar Business Bureau Since the lifting of the mining ban in the three iron-ore rich states of India, Odisha, Karnataka and Goa, India's iron ore production has increased. It is estimated that by 2021 it could touch 185 million tonnes (MT). According to a Fitch Group research company, India’s iron ore production quantity will touch 185 MT in 2021 from 136 MT this year. It should be recollected that mining in all the three states was at its peak between 2000 and 2012, a time when iron-ore powder from Goa was shipped to meet the steel needs of Beijing Olympics in 2008 and India’s iron ore exports to other countries too flourished. It was also during this period that environmental, land-lease and ...

The Dollar Business Bureau The producer price inflation of China has increased more than what is estimated in the month of January to near 6-year high on account of a pick-up in steel prices and other raw material prices, adding to estimates that world manufacturing activity is gaining momentum.  China’s consumer inflation also increased more than expected to around three-year high, according to a data released on Tuesday.  Much of the increase in consumer prices was due to higher prices of food and transportation in the wake of a long holiday for Lunar New Year, as per the National Bureau of Statistics.  But mounting pressures of prices in China and several other developed countries have sparked speculations of a stricter monetary policy in 2017, ...

Sreenivasa Rao Dasari  India registered a significant surge in exports of iron ore, ores and concentrates of copper and chrome during the first half of the 2016-17 financial year while witnessing an encouraging drop in imports of iron ore, ores and concentrates of aluminium, copper, chrome and manganese. Country's iron ore (HS code: 2601) exports were $432.14 million in April-September of 2016-17 financial year from $191.46 million for whole fiscal of FY-16. Iron ore imports eased to $116.87million in the first half of FY-17 from $494.25million in 2015-16 fiscal.  India recorded 7.23% growth in mineral production during April-September in FY-17 as against the 9% growth in 2015-16 financial year, according to the latest report from Union Ministry of Mines and Department of ...