Page 2 - Iron Ore

Vedanta reports rise in production of aluminium, iron ore, zinc in Q1

Mining giant Vedanta Ltd on Wednesday reported a rise in production of aluminium, zinc, iron ore and steel in the June quarter. However, the production of mined metal at overseas and oil and gas dropped during the quarter. In a filing to the BSE, the company said the aluminium output grew 3 per cent to 5,96,000 tonnes in the first quarter over the year-ago period, Vedanta said in a filing to BSE. At Zinc India, the saleable metal output grew to 2,62,000 tonnes over 2,60,000 tones. While at Zinc International the mined metal output dropped to 38,000 tonnes, over 68,000 tonnes in the first quarter of FY24. Meanwhile, oil and gas output dropped 17 per cent to 112,400 average daily gross operated production (boepd) during the quarter from 134,900 boepd a year earlier. The production of saleable iron ore rose to 1.3 million tonnes over 1.2 million tonnes in the year-ago period. The total saleable steel production rose 10 per cent to 3,56,000 tonnes and power sales rose 13 per cent to

Production of iron ore increases 4% to 26 million tonnes in April

The production of iron ore increased 4 per cent to 26 million tonnes (MT) and the output of limestone also went up marginally by 2.1 per cent to 39.3 million tonnes in April. Iron ore and limestone together account for about 80 per cent of the total mineral production by value. In the first month of 2024-25, there is a steady increase in the production of these minerals as compared to the production in the corresponding month last year, the mines ministry said in a statement. Production of iron ore has increased from 25 million tonnes during April 2023 to 26 million tonnes during April 2024, registering a growth of 4 per cent. Production of limestone has increased from 38.5 MT during April 2023 to 39.3 MT in April 2024. The production of aluminium during April rose 1 per cent to 3.42 lakh tonnes (LT) over 3.39 LT production during April last fiscal. "Continued growth in production of iron ore and limestone in the current financial year reflects the robust demand conditions in the

NMDC falls 2% on weak Q4 performance; Rs 7.25 dividend announced in FY24

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 2024 iron ore imports seen to be around 1.17-1.18 bn metric tons

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

Mining sector expands by 7.5% in FY24, iron ore production up 7.4%

India's mining sector grew by 7.5 per cent in FY24, with production of iron ore and limestone recording high growth during the year, an official statement said on Friday. For the month of March, the index of mineral production was 1.2 per cent higher year-on-year at 156.1. Production of iron ore was at 277 million metric tonne (MMT) in 2023-24 against 258 MMT in 2022-23, registering a growth of 7.4 per cent. "Showing a similar trend, limestone production has also surpassed the production record of 406.5 MMT achieved in FY 2022-23, increasing by 10.7 per cent to 450 MMT in FY 2023-24," the statement said. The production growth of iron ore and limestone reflects the robust demand conditions in the user industries viz. steel and cement. Coupled with the high growth in aluminium, these growth trends point towards strong economic activity in user sectors such as energy, infrastructure, construction, automotive and machinery. In the non-ferrous metal sector, the production of primary .

Govt unlikely to impose export curbs on low-grade iron ore, says report

China typically accounts for more than 90% of overall shipments of iron ore from India which is the world's fourth-largest producer of the steel-making ingredient

Chhattisgarh's NMDC iron production rises 11%, sales surge 16% in FY24

Compared to the previous year's 29.04 MT, the production at the Chhattisgarh units jumped 11.67 per cent. The Dolimalai mine produced 12.67 MT of iron ore, up 7.56 per cent Y-o-Y

Govt proposes national iron ore exchange to tackle price anomalies: Report

The proposed exchange would record real-time transactions and physical delivery of iron ore, the document said

Jindal Steel & Power takes on ops at Venezuela's largest iron-ore mill

Jindal officials are carrying out inspections at iron-ore plants of CVG Ferrominera Orinoco, according to two people familiar with the process, who asked not to be named as information isn't public

Sponge iron producers urge govt to impose duties to curb iron ore exports

India, the world's biggest sponge iron producer, has about 336 sponge iron plants spread across the country

Raj govt expects to attract investment with e-auction of iron ore blocks

Rajasthan is one of the richest states in terms of availability and variety of minerals in the country, producing over 57 different minerals

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.