Iron Ore Import

Industry body UCCIL has warned that an export duty on low-grade iron ore will lead to drop in production, domestic prices, long-term capacity losses and erosion of India's export competitiveness. The government is planning to impose a 30 per cent export duty on low-grade iron ore from October this year. The Utkal Chamber of Commerce & Industry Ltd (UCCIL) said in a statement, "The proposed export duty will also result in sectoral destabilisation: a likely decline in production, crashing domestic prices, erosion of India's export competitiveness, and long-term capacity losses. The effect will also be felt in employment, regional economies, and industrial output." It "urged the Government of Odisha to protect the state's iron ore mining industry given the recent discussions by the central government around the imposition of export duties on low-grade iron ore". Such a measure will inevitably destroy the sector, cause a collective loss of over Rs 16,200 crore to the exchequer of ...

The Goa Chamber of Commerce and Industry (GCCI) has urged the Centre not to impose export duty on low-grade iron ore, claiming it would result in an annual revenue loss of more than Rs 800 crore from the existing production alone. Such a move would deal a major blow to Goa's mining sector, destabilise ongoing operations, undermine investor confidence and jeopardise thousands of livelihoods dependent on the industry, the GCCI said in a letter to Union Minister of Mines G Kishan Reddy. Appealing to the Centre to weigh Goa's "unique structural constraints," GCCI urged that the present NIL export duty regime for low-grade ores from Goa and the Konkan region be retained. "Such an approach will support local livelihoods, ensure sector viability, maintain fair trade practices, and avoid destabilising an already fragile industry," the chamber said. The apprehension, it said, stems from deliberations at a high-level stakeholders' meeting held on August 26 to boost iron ore and steel product

JSW Steel meets its iron ore requirements through a combination of captive mines and external purchases. It plans to add 1.5 million to 2 million tons of annual capacity at its Vijayanagar plant

This recruitment drive is part of the company's expansion strategy, focusing on bolstering operations within Chhattisgarh's strategically vital Bailadila mining sector

India, the world's second-largest producer of crude steel, aims to boost its overall steelmaking capacity to 300 million tons by 2030, up from about 200 million tons currently

The decline in NMDC share followed reports suggesting that the Karnataka government is considering an increase in the duty on iron ore

Iron ore production in the country rose 4.1 per cent to 158.4 million tonnes (MT) in the April-October period of the ongoing fiscal year, the government said on Thursday. As per provisional data, iron ore production was 152.1 MT in the year-ago period. Continued growth in production of iron ore in the current financial year shows the robust demand conditions in the user industry. Coupled with growth in aluminium and copper, these growth trends point towards continued strong economic activity in user sectors such as energy, infrastructure, construction, automotive and machinery. Production of manganese ore rose 11.1 per cent to 2 MT in the April-October period of the ongoing fiscal year from 1.8 MT during the corresponding period last year. Production of bauxite rose 11.3 per cent to 13.8 MT in the April-October period from 12.4 MT in the year-ago period, the mines ministry said in a statement. In the non-ferrous metal sector, primary aluminium production grew 1.2 per cent to 24.4

The benchmark December iron ore on the Singapore Exchange added 1.09% at $105.05 a ton, as of 0711 GMT, also the highest since Oct. 17

The state-owned company's profit plunged 37.8 per cent to Rs 1,412.7 crore in the March quarter of financial year 2024 (Q4FY24), from Rs 2,271.5 crore in Q4FY23

China's iron ore imports in the first quarter of 2024 totalled 310.13 million tons, up 5.5 per cent from a year earlier, customs data showed

China accounts for around 80% of India's overall iron ore shipments. India primarily exports low-grade iron ore - with iron content below 58% and most of India's shipments go to China

Iron ore supply growth woul be primarily driven by India, Brazil where major miner Vale is set to expand output with its new mine

In the corresponding period of last fiscal, iron ore imports swelled by 172 per cent

The state boasts of the country's largest iron ore output. In the last fiscal year, Odisha churned out 114 mt, contributing more than a half to the nationwide production of 207 mt

NMDC to soon sign an MoU with Andhra govt for ore linkage; steel minister Pradhan hints at huge petroleum investments in state, say players want to park as much as Rs 2 trn in the east coast

In 2015, India embraced competitive auctions as the best long-term approach to clamp down on corruption after scandals over allotments of mines

After hitting a five-year high of $121 a tonne in July, spot iron ore prices tanked to $93

Iron ore import into the country zoomed 190 per cent to 6.34 million tonnes (mt) during April-August, the first five months of this financial year.This data from the Pellet Manufacturers Association of India (PMAI) shows a projection of over 12 mt for the full year. In 2017-18, ore import was 8.6 mt, itself 48 per cent higher than in 2016-17. Import is on an upswing since steel plants on the coast have shown an increasing tendency to import the key ingredient. Importing is cheaper option for such units than buying from the domestic market.A senior executive with a steel company said, "Price hikes (of ore) in the domestic market have been exorbitant in the past three to four months. Importing of ore is viable for operations."Between July and September, prices of iron ore fines in Odisha, the largest producing state, rose 80 per cent; prices of lumps moved up 29 per cent. Government-owned NMDC, the single biggest producer, raised prices twice last month. In the latest one, it raised ...