IRON and STEEL
State Owned, Odisha Mining Corporation (OMC) is all set to conduct the e-auction on 04 May’19. Ores from Sukrangi Mines and South Kaliapani Mines will be put under the hammer during this month’s auction.
The total quantity offered for the e-auction from Sukrangi and South Kaliapani mines is 34,200MT. The bid value quoted shall be the basic price in Rupees per WMT (Wet Metric Ton) for the mineral inclusive of Royalty and exclusive of Cess and other statutory duties and levies etc. applicable at the time of supplies will be extra and payable by the successful bidder.
For south Kaliapani and Sukrangi Mines, the minimum quantity to be bid is 100 MT, thereafter in multiples of 100 MT. The total quantity offered for the e-auction from Bangur mines is 905MT, which includes both lumps and chips. For Bangur Mines, Bidder must quote for entire Lot offered for the auction.
The Base price of May Chrome Ore Auction has been lowered amid sluggish Ferro Chrome market conditions. South Kaliapani Ore prices were reduced by almost 2% for May’19. Meanwhile, due to lowered prices for Ferro Chrome in the domestic and the global market, the producers were pessimistic and fearsome that if the prices for ores don't come down, many Ferro Chrome producers may have to shut down their production.
Ongoing anti-mining protests in Peru, triggered by the recent approval of a now halted construction permit for Southern Copper’s (NYSE:SCCO) $1.4 billion Tia Maria project in Arequipa, have extended to Anglo American and Mitsubishi’s $5 billion Quellaveco project, in the neighbouring region of Moquegua.
Africa’s largest money manager sees “significant investment opportunities” in West African gold mining as the industry at the southern end of the continent declines.
K92 Mining (TSXV: KNT) reported on Thursday its operating and financial results for the second quarter, during which the Vancouver-based gold miner saw record tonnes processed and achieved total production of 19,652 oz gold-equivalent (AuEq) from the Kora North deposit with cash costs of $551/oz gold and AISC of $681/oz gold.
Steel Authority of India Ltd (SAIL) has reduced basic grade (steel grade) pig iron offers by around INR 700/MT (USD 10) from its Bhilai Steel Plant (BSP) based in Central India, SteelMint learned from market sources.
Imported scrap offers to South Asia plunge below 2 years low levels on limited demand
Indian iron ore export volumes for July’19 stood at 2.13 MnT, up 19% as against 1.79 MnT in June’19. On yearly basis, exports increased significantly compared to July’18 at 0.17 MnT.