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.
Iron ore concentrate production of major Iranian mining companies stood at 41,919,926 tonnes in the first eleven-month of current Iranian year (March 21,2018-February19,2019),up 19 percent year-on-year.
MMTC- India’s largest and state-owned trading house, has floated EOI for empanelment of mine owners/ suppliers/ traders for the supply of non-canalised Iron Ore Fines and CLO.
Eseel Mining, a unit of Aditya Birla group is set to reduce its offers for iron ore lumps by Rs 400/t ($5.6). Essel Mining is one of the largest merchant iron ore miners with an annual capacity of 10 million tonnes per annum in the state of Odisha.
India's largest iron ore miner - National Mineral Development Corporation (NMDC) has announced a hike in floor prices in upcoming Karnataka e-auctions scheduled on 1st Mar’19. Iron ore base prices at NMDC Kumaraswamy have increased by around INR 400/MT in both fines and lumps.
Post Vale disruption, Indian pellet export prices rallied anticipating shortage in seaborne pellet trades. However, market sentiments have turned dull after Chinese New year holidays. Amid shrinking steel margins, Chinese mills are preferring low-grade iron ore and concentrate rather than going for high-grade ore & pellets.
According to the updates received, the NMDC Donimalai case has heard by the Karnataka High Court today and it has reserved the Judgement till next hearing for which date was not confirmed till the time of publishing this report.