Data from the World Steel Association (WSA) shows that steel output in India contracted a marginal 0.5 per cent to 6.2 million tonne (mn t) in February from 6.229 mn t in the year-ago month. During the same month, global steel production expanded 1.2 per cent to 123 mn t. The US produced 6.7 mn t steel in February 2013, down 11.8 per cent over the same month last year
Tag: Mineral
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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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SunCoke Energy invests Rs 3.68 bn in Indian JV
US listed SunCoke Energy invested around Rs 368 crore to acquire 49 percent stake in the joint venture, VISA SunCoke, while the Indian partner Visa Steel would hold 51 percent stake. In its board meeting the Kolkata-based steel company Visa Steel formally announced the joint venture, which
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KIOCL calls off deal to explore Akjoujt asset
Reports suggest that Kudremukh Iron Ore Corporation (KIOCL) called off a deal with Curve Capital Ventures for developing Akjoujt iron ore asset in the Islamic republic of Mauritania, in the West African desert region. KIOCL and the London-based venture capital fund signed a non-binding agreement for developing the Mau
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Minister justifies export duty on iron ore
Minister of Mines, Dinsha Patel justified the increase in export duty on iron ore saying that such a measure would discourage export of the key raw material and increase domestic availability of the same. Export of iron ore is regulated through fiscal measure by imposition of export duty. Accordingly the central gove
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Chhattisgarh govt gives sops to steel sector
Chhattisgarh government reduced the entry tax on iron ore, pig iron and steel scrap purchased from outside the state to 0.5 per cent from 1 percent in the budget for 2013-14. The state government also reduced the value-added tax on TMT steel bars from 5 to 3 per cent, while the entry tax on iron ore
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SGX plans to delay launch of ore futures
In order to give clients and member firms more time to prepare for the new product, the Singapore Exchange plans to postpone the launch of futures contracts including iron ore and freight from February 25 to April 8. SGX said that it cleared a record 18.2 million tonne of iron ore swaps in January trumping an earlier record set i
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Congress wants auction of 96 mining leases in Goa
Instead of just renewing 96 iron ore mining leases in Goa, the state government must auction them on the lines of the telecom spectrum auction so that it stands to benefit financially, state Congress spokesperson Sudip Tamankar said to reporters. He said the state government could mop up Rs 300 lakh crore over 20 years of the lease period and this could offset the loss of revenue to the state government beca
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World steel output grows a mere 0.8%
Data from World Steel Association (WSA) shows the global production of the alloy rose a mere 0.8 percent in January 2013 to 125 million tonne (mn t) from 123.7 mn t in January 2012. During January 2013, India produced 6.3 mn t, data from the association shows. In its monthly report, the body said
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Goa govt mulls ban on fresh ore mining
According to an affidavit filed by the Goa government in the Supreme Court, the state government plans to ban completely all fresh excavation of mineral ore. The affidavit, which was filed in response to a public interest litigation (PIL) seeking action against rampant illega