IRON and STEEL
India's largest iron ore miner -NMDC supplied a total of 336 rakes (1.29 MnT) of iron ore in Dec'18, up slightly on monthly basis, against 330 rakes (1.27 MnT in Nov’18. NMDC C.G had slashed iron ore price between INR 450-785/MT for Dec’18 via two successive price cut announced
Procurement by C.G. based units increased 32% in Dec’18
Procurement of NMDC iron ore by Chhattisgarh based units increased 32% to 29 rakes in Dec'18 as against being 22 rakes in Nov'18.
Procurement by outside C.G. based units up 7%
The procurement by units outside C.G has witnessed a rise of 7% on monthly basis to 259 rakes in Dec'18 as against 241 rakes in Nov'18.
JSW Steel (Dolvi) sourcing from NMDC recorded at 21 rakes in Dec'18, down 51% as against 43 rakes a month before. RINL procurement from NMDC Bailadila mines increased by 20% on monthly basis to 210 rakes as compared to Nov'18 procurement at 175 rakes.
KIOCL has decreased its sourcing sharply by 35% in Dec'18 to 11 rakes compared to 17 iron ore rakes from NMDC in Nov'18.
NMDC iron ore exports dropped 28% in Dec’18
NMDC exports of iron ore for the month of Dec’18 witnessed fall of 28% to 48 rakes as compared to 67 rakes a month before.
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.