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.
Seaborne Manganese Ore prices raised amid shortage of material at Chinese Ports. South African Carbonate Ores price was raised last week and this week Australian and Gabonese Ores followed the suit. However, the sudden increase in the global freight rates have decreased margins on Manganese Ore Shipments.
Durgapur (eastern India) based pellet makers have raised offers following hike in sponge prices. SteelMint’s reference pellet price assessment stands at INR 6,500/MT (delivered) up by INR 200-300/MT against INR 6,200-6,300/MT in last week.
Chinese HRC export offers continue to remain on lower side- Chinese HRC export offers continue to show downturn this week owing to thin trades happening in export market. Overseas buyers are unwilling to purchase material at higher prices and are bidding on lower side with the anticipation of further decline in prices.
Indian steel prices fall further due to weak demand & strong supply in across markets and as per daily assessment the prices drop by INR 100-400/MT(upto USD 6).
Indian govt has issued preliminary findings in its initiated investigation of anti-dumping on the imports of Aluminum and Zinc coated flat products originating in or exported from China PR, Vietnam and Korea RP.
JSW Steel-- India's largest steel maker total iron ore sourcing recorded at 2.05 MnT in June'19. The sourcing witnessed 18% rise M-o-M as against 1.73 MnT in May'19. On yearly basis, sourcing fell marginally in June'19 as against 2.09 MnT in June'18.