Page 2 - Iron Ore

Scaling up to meet domestic demand, no plans to export to China: NMDC

Reuters reported on Wednesday that the federal government had turned down a request from the company to export iron ore to China

CCI study on mining sector flags iron ore varied pricing, export issues

The differential pricing of iron ore is likely to create competition concerns and exports of iron ore should also be discouraged, according to a study by fair trade regulator CCI. To ensure fair markets, the competition watchdog initiated a focused study on the mining sector, specifically iron ore in India, and its interconnected industries like steel. The goal was to assess the competition perspective and determine if the iron ore market is functioning appropriately within the broader economic landscape. In its market study on 'Dynamics of Competition in the Mining Sector in India With A Focus On Iron Ore', CCI has also flagged possible issues, with the pricing of iron ore from captive mines. "The allocation of captive mines to some players creates entry barriers in the iron ore and steel sector as entry and successful operation becomes costly for new firms," the Competition Commission of India (CCI) said in a release. As per the study, the differential pricing of iron ore for ..

Differential pricing of iron ore likely to create competition concerns: CCI

The differential pricing of iron ore is likely to create competition concerns and exports of iron ore should also be discouraged, according to a study by fair trade regulator CCI. In its market study on 'Dynamics of Competition in the Mining Sector in India With A Focus On Iron Ore', the watchdog has also flagged possible issues with pricing of iron ore from captive mines. "The allocation of captive mines to some players creates entry barriers in the iron ore and steel sector as entry and successful operation becomes costly for new firms," the Competition Commission of India (CCI) said in a release. As per the study, the differential pricing of iron ore for different end users is likely to create competition concerns. The amendments in mining law in 2021 have allowed the captive mines to sell up to 50 per cent of surplus iron ore in the open market which is likely to boost the supply of iron ore in the market, the study said. However, it noted that when a captive mine sells its ..

Centre plans to tweak iron ore sale price formula in India: Report

"Any reduction in the average sale price of iron ore through unscrupulous means will impact the revenue accruing to the govt on account of auction premium, royalty," the report said citing govt note

Iron ore supply resumes from NMDC Bailadila mine to RINL plant in Andhra

Iron ore supply from NMDC's Bailadila mine in Chhatisgarh resumed on Tuesday to its plant in Andhra Pradesh, steel maker RINL said. Iron ore is a key raw material required for the manufacturing of steel. "With the continuous and relentless efforts by Indian Railways, the KK line operations were restored on October 10, 2023, and supply iron ore/rake movement to RINL from NMDC mines resumed," the Visakhapatnam-based entity said in a statement. RINL further said that there was a major landslide in the KK line between Jaypore and Koraput during the early hours of September 24, 2023, and supplies from NMDC Bailadila sector, which is the main source of iron ore supplies for the company, had to be stopped. This created a massive challenge for sustaining the plant operations as the inflow of iron ore was already constrained and the stock level of iron ore had reached a critical level because of heavy monsoon rain in the mines area, it added. Meanwhile, RINL made alternate arrangements fro

Jindal Steel denies it agreed to invest in Venezuela's iron ore plant

Jindal Steel & Power "completely and categorically denies signing of any agreement or committing to any investment in Venezuela," according to a statement

Upgrading iron plants could lower 2 yrs' worth of emissions by 2050: Study

Roughly two years' worth of global carbon emissions could be cut down by 2050 if iron and steel plants worldwide were upgraded earlier than their scheduled repair, scientists report in a new Nature study. While upgrading these processing plants with low-emissions technology five years earlier than their scheduled refit could lower 70 gigatonnes of carbon emissions, retrofitting them at their scheduled refit could cut down roughly 60 gigatonnes of emissions, the researchers from the University College London, UK, said in their study. Most of the total projected carbon savings, about 74 per cent, could be achieved by upgrading blast oxygen furnaces globally, all of which contribute to around 63 per cent of the world's steel production, the research team found by creating a vast database of more than 19,500 individual processing units across nearly 4,900 iron and steel plants. The second highest net carbon savings (16 per cent of the projected total) could come from retrofitting electr

Tata Steel to bid for iron ore mines ahead of expiry of leases in 2030

Lease of 4 of its ferrous mines to expire in 7 yrs, even as prepares to double steelmaking capacity

Odisha Mining Corp pays Rs 1,420 crore dividend to state govt

Iron ore producer Odisha Mining Corporation paid a dividend of Rs 1,420 crore to the state government for the 2022-23 fiscal, an official said on Thursday. Steel and Mines Minister Prafulla Kumar Mallik handed over a cheque of Rs 1,420 crore to Chief Minister Naveen Patnaik here on Wednesday, he said. Odisha Mining Corporation, one of the largest iron ore producers in the country, recorded a turnover of Rs 14,450 crore in the 2022-23 financial year. It has 18 operational mines and produced 29.68 mt of iron ore, 3 mt of bauxite and 1.08 mt of chrome ore, registering a 14.9 per cent growth in ore production over the previous financial year, the official added.

Ore price fixed at Rs 4,950 per tonne, cess to be levied additionally: NMDC

State-owned NMDC on Tuesday fixed the rates for lump ore and fines at Rs 4,950 and Rs 4,210 per tonne, respectively. Lump ore, or high-grade iron ore, contains 65.53 per cent iron, while fines are inferior grade ore with 64 per cent iron or less. The latest prices are inclusive of royalty as well as contributions to District Mineral Foundation (DMF) and National Mineral Exploration Trust (NMET). Cess, forest permit fee, and other taxes will be levied additionally, the miner said in a regulatory filing. On May 30, NMDC fixed the rate of lump ore and fines at Rs 3,900 and Rs 3,560 per tonne, respectively. At that time, the rates excluded royalty, contributions to DMF and NMET, cess, forest permit fee and other taxes. "Inclusion of royalty, DMF, and NMET brings the prices on a par with the rates of miners in Odisha. Customers will now find it easier to calculate the prices of iron ore," a SteelMint analyst said. Iron ore is one of the key raw materials used in manufacturing steel,

Export of steel, iron ore, cement likely to be hit by EU carbon tax: FinMin

India's merchandise trade deficit rose faster-than-expected in May to $22.12 billion, up from $15.24 billion in April, due to reduced demand for Indian exports from developed countries

State-owned NMDC iron ore output grows 20% 10.70 MT in April-June

State-owned NMDC has posted 20 per cent growth in iron ore production to 10.70 million tonne (MT) in the first quarter of FY24. NMDC produced 8.92 MT of iron ore during April-June of FY23, the company said in a regulatory filing. Sales rose to 11.15 MT from 7.66 MT in the year-ago period, registering a 45 per cent rise. "NMDC's contribution to the country's economy continues to make massive headway in meeting the increase in the demand for iron ore. Our record of highest ever Q1 and June production and sales since inception resonates with our agile and diligent investments in mine planning, expansion and very efficient human assets," its CMD Amitava Mukherjee said. Hyderabad-based NMDC (formerly known as National Mineral Development Corporation) under the Ministry of Steel contributes over 17-20 per cent to India's total iron ore production.

Early days of optimism for steel firms as prices move up in China

Stock valuations could improve dramatically if demand rebounds and the China policy support comes through

NMDC cuts iron ore lump rate by Rs 300 per tonne to Rs Rs 3,900 per tonne

State-owned NMDC on Tuesday said it has slashed iron ore lump and its fines rates by Rs 300 and Rs 450 per tonne, respectively. It has fixed the price of lump ore at Rs 3,900 per tonne and fines at Rs 3,560 a tonne, the country's largest iron ore miner said in a regulatory filing. Lump ores or high-grade iron ores contain 65.53 per cent Fe (iron), while fines are inferior-grade ores with 64 per cent and less iron content. In the last price revision announced on April 29, NMDC fixed the rate of the lump at Rs 4,200 per tonne and that of fines at Rs 4,010 a tonne. The prices are effective from May 29 and exclude royalty, district mineral fund (DMF), National Mineral Exploration Trust (DMET), cess, forest permit fee and other taxes, the company said. According to research firm SteelMint, "This price cut has brought NMDC iron ore prices to a 6-month low. The reduction is attributed largely to falling steel prices, which is a result of a weak global market. However, in the domestic mar

NMDC's iron ore production rises 11.42% to 3.51 mn tonnes in April

State-owned NMDC Ltd on Tuesday reported an 11.42 per cent rise in its iron ore production of 3.51 million tonne (MT) in April 2023. It produced 3.15 MT of iron ore in the same month last year, NMDC said in a BSE filing. Last month, the company's sales rose by around 10 per cent to 3.43 MT from 3.12 MT in April 2022. Besides iron ore, Hyderabad-based NMDC is also involved in the exploration of a wide range of minerals like copper, rock phosphate, limestone, dolomite and gypsum.

Higher prices, volumes key positives for iron ore miner NMDC stock

The company is likely to push iron ore capacity up, from the current rated 50 MTPA to 70 MTPA, which would leave it well-placed to meet demand in the next up cycle

NMDC iron ore output grows 4% at 4.48 mn tonnes in Feb, sales drop 4.78%

NMDC Ltd on Wednesday reported 4 per cent growth in its iron ore production at 4.48 million tonnes (MT) in February 2023 compared to 4.31 MT a year ago. Sales of iron ore declined by 4.78 per cent to 3.78 MT in February 2023 compared to 3.97 MT in the same month of last year, according to an exchange filing. NMDC's iron ore production during the April-February period fell 4.19 per cent to 35.62 MT from 37.18 MT in the year-ago period. Iron ore sales in April-February 2022-23 also fell 8.61 per cent to 33.42 MT from 36.57 MT a year ago. NMDC, under the Ministry of Steel, is India's largest iron ore producer contributing nearly 17 per cent to the country's total iron ore production.

Chinese govt pledges crackdown aimed at cooling surging iron ore prices

Authorities in China are also seeking to bolster their influence over iron ore pricing in the longer term by consolidating purchases on behalf of about 20 of the country's largest steelmakers

NMDC increases iron ore lump rates by Rs 200 to Rs 4,300 per tonne

State-owned NMDC on Monday announced that it has hiked the prices of iron ore lumps by Rs 200 to Rs 4,300 per tonne. The country's largest iron ore miner has also increased rates of iron ore fines by Rs 500 to Rs 3,410/tonne, NMDC said in a regulatory filing. The prices are effective January 1, and exclude royalty, district mineral fund (DMF), National Mineral Exploration Trust (DMET), cess, forest permit fee and other taxes, the company said. Lump ore or high-grade iron contains 65.53 per cent Fe (iron), while fines are inferior grade ore with 64 per cent and less Fe content. In the last price revision announced on November 30, NMDC had fixed the rate of the lump at Rs 4,100 per tonne and that of fines at Rs 2,910 a tonne with immediate effect. Iron ore is one of the key raw materials used in the manufacturing of steel, and any movement in its prices has a direct impact on the rates of the steel, an alloy widely used in segments such as construction, infrastructure, automobile an

Increase use of low-grade iron ore in steel production: Govt to industry

The domestic steel industry must adopt new age technologies and carry out research and development (R&D) activities to utilise the low-grade iron ore in their production, the government said on Thursday. The production of low-grade iron ore is increasing in the country compared to high-grade ores, Steel Secretary Sanjay Singh said. "Industry must collaborate in....the country's preparedness for producing all kinds of speciality steel, utilising about 100 million tonne (MT) low quality ore around the mines by converting them into high quality, adoption of high level technology, and develop a common strategy for R&D collaboration," the official said at the 'CII Steel Summit 2022' here. On Tuesday, Union Steel Minister Jyotiraditya Scindia had urged the domestic steel industry to adopt low-carbon emitting steel-making processes, while cautioning that key raw materials coking coal and iron ore may not be a viable option in the future based on environmental, social, and governance .