Page 4 - Iron Ore

Removal of export duty to help steel makers pull up profits, say experts

The removal of export duty on steel products will help the domestic metal producers pull up their profits with now having the freedom to explore overseas markets as well, experts said. The government has cut the export duty on steel products and iron ore to nil with effect from November 19, 2022 -- six months after imposition of the levy on May 21. The relief comes on the back of domestic steel prices correcting by 15-20 per cent since these duties were imposed, Jayanta Roy, Senior Vice President & Group Head, Icra Limited, said. "We believe that the latest measure will help pull up the industry's profits from the second quarter lows as companies now get the freedom to explore overseas markets, depending on the pricing environment," the expert said. SteelMint India also termed the government's decision of withdrawing export duty on steel and raw material as a positive move for the industry. However, according to the research firm, the move may not help the industry in the short ..

Roll-back of export duty on steel has no near-term earnings upside: Experts

Analysts perceive the roll-back of export duties on steel as a valuation re-rating event, rather than an earnings upgrade trigger

Govt scraps export tax on low grade iron ore, some steel intermediates

The import duty concessions on anthracite/PCI coal, coking coal, coke and semi coke and ferronickel have also been withdrawn.

NMDC in talks to invest in lithium exploration companies in Australia

Investment would be voa NMDC's Perth-based arm, Legacy Iron Ore, which is already prospecting for iron ore, gold and base metals there

October iron ore exports 'nearly zero', says mining body official

"In October, exports were nearly zero, and it will be so while the duty remains," R.K. Sharma, secretary-general of the Federation of Indian Mineral Industries (FIMI), told Reuters in an interview

Survey to explore minerals at 25 potential sites in Chhattisgarh

One site each of potential gold, copper, graphite, bauxite, and moissanite would be taken up for the initial study, the official said.

Iron ore, coal transport push Sept Railway freight up 9.7% to 116 mn tonnes

FY23 auto freight grows 72% as automakers switch to rail

Steel-makers margins to nearly double in H2 to 25% from H1 levels: Report

Steel-makers are in for better times from the second half of the current fiscal as lower input cost and robust domestic demand will ease their margin pressure and lift operating margins to over 25 per cent, as per a report. The industry was hit by high input costs in the first quarter and is still under pressure in the ongoing second quarter, the rating agency said in the report. As a result, their operating margins of primary steelmakers are likely to fall to 14-16 per cent in the first half of this fiscal -- massively down from 30 per cent last fiscal, which was a decadal best -- due to high input costs, lower realisations and imposition of export duty on finished steel products, among other reasons, Crisil added. However, from the second half onwards the margin pressure is expected to ease due to lower production costs because of declining raw material prices and steady realisations backed by robust domestic demand, lifting it above 25 per cent, the report said. This will have t

NMDC targets to achieve 46 MT of iron ore production this fiscal year

NMDC Ltd targets to achieve 46 million tonnes of Iron ore production in the current fiscal, 10 per cent higher than that of last year, Chairman and MD, Sumit Deb said

Steel prices likely to go up again from July 1 on high input cost: JSPL MD

"The prices have already bottomed out. There is no chance of reducing them further. There will be an upward price correction from Friday, July 1 mainly on account of higher input cost," he said

NMDC cuts prices of lump ore by Rs 1,100 per tonne, fines by Rs 1,000

The revised prices are effective from June 5, 2022, and exclude royalty, District Mineral Fund (DMF), National Mineral Exploration Trust (DMET), cess, forest permit fee, and other taxes, the company s

NMDC shareholders to discuss Nagarnar Steel Plant demerger on Tuesday

The Centre is aiming to complete the demerger of NSP from MMDC within the next four to five months, according to an official document.

Steel softens sharply on subdued demand outlook, rising iron ore output

Futures prices of steel on National Commodity & Derivatives Exchange Limited (NCDEX) have softened significantly in the past one to one-and-a-half month period.

Cargo handling by Essar Vizag port up by 10% YoY to 1.3 mn tonnes in Apr

Surge in traffic marks the uptick in Indian steel sector, a major contributor to India's manufacturing output

Analysts bullish on auto stocks amid govt. measures on fuel, steel price

At the operational level, Nomura sees margin benefit for companies in the backdrop of a cut in steel prices

Indian iron ore and steel stocks slump, autos rise after export tax hikes

The Nifty metals index fell as much as 8.9% on Monday, the fastest rate of decline since March 2020, while the Nifty auto index rose 2.9%

Supreme Court allows export of iron ore from key mines in Karnataka

Order allows direct sales as opposed to e-auctions only; three-judge bench asks mining firms to comply with Centre's rules on the matter

Karnataka mining: SC permits firms to export excavated iron ores

The Supreme Court on Friday permitted mining firms to export their excavated iron ore from mines in districts of Ballari, Chitradurga, and Tumakuru in Karnataka.

NMDC's iron ore production rises 23% YoY to 42.15 MT in FY 2022

NMDC, the country's largest iron ore producer, said on Saturday its production increased by 23 per cent year-on-year to reach 42.15 million tonnes (MT) in FY22

SC asks Centre to clear stand on export of iron ore in Karnataka

The Supreme Court on Wednesday asked the Centre and the Karnataka government to clear stand on export of extracted iron ore in the state saying either it has to be consumed or sold. A bench headed by Chief Justice N V Ramana asked Solicitor General Tushar Mehta to seek instructions on the issue and file response by April 8. The top also directed the Central Empowered Committee, appointed by SC, and the monitoring committee to submit a status report indicating the approximate available quantity of iron ore on ground. "There is no meaning of keeping extracted iron on the ground. Either it has to be consumed, sold or taken off the ground. Let us first clear the ground then we will see what to do. By virtue of that, the state government and development fund may get some money," said the bench, also comprising Justices Krishna Murari and Hima Kohli. The apex court had earlier refused to lift the ban on export of iron ore pellets from Karnataka-based miners. While private miners had .