Iron ore mining firm NMDC reduced price of higher grade iron ore (lumps) for the fifth time since last October. This time, the state-run miner cut the price of lumps (having iron content of 62 per cent or above) by about 7 per cent for April. However, the company has not changed the price of iron ore fines (lower grade) for the second month in succession
Tag: Iron Ore
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AOSF urges Odisha govt to ensure ore availability
The All Odisha Steel Federation (AOSF) again urged the state government to make available raw material (iron ore) for the local steel and sponge iron makers at fair prices. In a letter to the steel & mines department, AOSF said the policy resolutions taken by the state government to ensure raw material security for the local plant
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Odisha govt may set up panel for e-auction
Media reports indicate that Odisha government
plans to set up a special committee under the steel and mines department to take care of e-auction of iron ore. It is learnt that the proposed committee would carry out the task in association with MSTC. The online auction conducting agency, MSTC is ready with all nece
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NINL commissions steel billet plant
Neelachal Ispat Nigam (NINL) commissioned its Rs 1,650 crore billet-making facility at Kalinganagar in Odisha. The company set up the facility to manufacture billet, which is a value added product compared to pig iron and which gives better sales realisations. NINL, whose main activity is manufacturing of pig iron, said
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Ports in Andhra witness decline in ore cargo
The hike in export duty on iron ore, increase in railway freight rates for export cargo of ore and the ban on illegal ore mining affected exports of the raw material. Gangavaram Port exported only 271,000 tonne this year as against 2.1 million tonne last fiscal. Other ports in Andhra Pradesh Visakhapatnam and Kakinada deep water ports lost 30 per cent in iron ore cargo traffic during 2012-13. In 2011-12, Kakinada Port
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Subdued demand, rain hit output of NMDC
Subdued demand and incessant rain affected the sale of iron ore by state-run miner NMDC. Iron ore sales of the company declined to 5.9 million tonne (mn t) in the quarter ending September 2012 compared to 7.6 mn t in the year-ago period. Similarly, in the December 2012 quarter, the firm witnessed decline in ore sales to 5.3 mn t from 6.4 mn t durin
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SEIL hopes to borrow funds for pellet plant project soon
B Satish Kumar, Managing Director of Steel Exchange India (Seil) expressed hope that the firm may achieve financial closure for its proposed Rs 300-crore pellet plant by three-four months. He said the company is awaiting environment clearance for the proposed 600,000 tonne capacity unit which would come up at its existing steel plant and would help it cut production cost
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JSW Steel delays expansion plan
According to media reports, JSW Steel halted its expansion plan of its 10 million tonne Vijayanagar plant in Karnataka to 12 million tonne until such time the iron ore supply improves in the state. The company was to invest Rs 2,695 crore on the expansion project in 2013-14 by borrowing Rs 1,750 crore and using its cash reserves for the remaining about Rs 945 crore
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SAIL, Posco in talks over steel plant project
State-run firm Steel Authority of India (SAIL) has been in discussion with POSCO for setting up a FINEX technology based steel plant of around 3 Million Tonne Per Annum (mn tpa) hot metal capacity as a joint venture at Bokaro Steel Plant. It is estimated that around 1,100 acre land would be required for this purpose. SAIL and POSCO have not reached an agreement on the share holding structure of the j
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SAIL imports 75% of coking coal requirement
Steel Authority of India (SAIL) imports 75 percent of its requirement of coking coal from foreign countries and the rest through captive mines and domestic sources. This information was given by the Minister of State for Commerce & Industry, D Purandeswari in a written reply in the Lok Sabha. The company has to rely on imports for substantial consumption of coking coal because of the limited availa