Indian state copper miner Hindustan Copper is in the initial stages of an $800 million expansion program, Resources Monitor reported Tuesday.
Currently, Hindustan produces around 40,000 tonnes of copper per year, but the company plans to increase production to around 200,000 tonnes by 2025.
Construction is underway at a major new underground mine in the state of Madhya Pradesh, according to Resources Monitor, and expansions are planned at its operations in the states of Jharkhand and Rajasthan.
Hindustan Copper’s production of 40,000 tonnes is only a small proportion of the 650,000 tonnes that India used last year domestically in the electrical, construction and transport industries, the report reads.
According to customs data maintained with SteelMint, bulk Indian pig iron export volumes have come down sharply by 50% in FY19. India has exported 221,260 MT pig iron in FY’19 as against 446,250 MT in FY’18. In the month of March pig iron exports from India recorded at 50,000 MT against nil from the previous month.
Indian Steel industry observed average inquiries during the Week-15 (9th to 13th Apr) owing to election mood in the country. In context to supply scenario, the production of Semis & Finished steel products more or less on same proportion, this led to volatility in prices.
Anti-dumping duty on imports of Ductile Iron (DI) pipes further extended till 09th May 2019, as per recent notification by Indian government.
Tata Steel Ltd has issued another RFQ (Request for Quotation) for procurement of 15,000 MT imported steel melting scrap for its newly acquired plant Bhushan Steel Limited recently, SteelMint learned from industry sources.
Amid recently concluded pellet export deals along with decent bookings made in the domestic market, Raipur based pellet makers have raised offers today.
In southern region of India, Bellary (Karnataka) sponge prices have inclined upto INR 900/MT (USD 13) in a week's time. Participants reported falling inventories amid less availability of raw materials which resulted in price hike in the market.