India's biggest iron ore producer, NMDC, has announced a price cut of about 10-12% in the price of iron ore for the month of Jan’19, SteelMint has heard from its market sources.
Market participants were expecting a price cut looking at aggressive price cuts done by Odisha miners.
Last month NMDC had slashed iron ore price between INR 450-785/MT for Dec’18 via two successive price cuts announced.
Odisha based major merchant miners have reduced iron ore prices drastically. Fines prices have come down by 34% while lump prices have come down by 25%. Key merchant miners in Odisha are looking at scaling up their iron ore production in order to utilize their remaining Environmental Clearance (EC) approved for the financial year 2019 (Apr 2018 – Mar 2019)
Serajuddin mine has cut its iron ore lump prices by INR 500/MT w.e.f 31st Dec’18. As per sources, the miner has cut prices of 5-18mm (Fe 63%) from INR 4,300/MT to INR 3,800/MT (ex-mines, including Royalty, DMF & NMET).Miner has cut prices for regular buyers.
A new steel ingot production unit will open in the city of Sirjan, Iran’s province of Kerman, in early February, an Iranian lawmaker said, adding that the opening ceremony will be attended by First Vice-President Es’haq Jahangiri.
A retired Brazilian Army officer who recently advised Canadian miner Belo Sun (TSX: BSX) about its plans to mine gold in the Amazon, will head the country’s Indigenous Rights Agency (Funai) aiming at using his experience in the sector to deal with hundreds of impending clashes between miners and locals.
Amid significant fall in domestic Iron ore prices, the sponge manufacturers in Central, East & Southern India are shifting their interest towards Iron ore rather than pellets.
South Africa pig iron exports surge by around 12,500 MT (19.69%) M-o-M & 24,500 MT (48.34%) Y-o-Y in Nov’18 & recorded three month high, according to the customs.
In a step towards forward integration, leading merchant miner Rungta Mines Ltd (RML) has firmed up plans to install two integrated steel plants in iron ore-laden Keonjhar district with a combined investment of Rs 3500 crore.
Australian iron ore producer Fortescue Metals has further narrowed discounts on its major products for February delivery, as demand for low-grade ores continues to be strong in the Chinese market.