IRON and STEEL
State-controlled steel producer Steel Authority of India (Sail) increased iron ore output by 5.25pc to around 22mn t in 2019, a record high for the company.
Sail produced 14.52mn t of fines and 7.48mn t of lump in 2019. Iron ore output from the company's captive mines in the eastern states of Jharkhand and Odisha feeds Sail's steel plants.
The company is India's second-largest iron ore producer, after state-owned iron ore mining company NMDC.
India recently allowed Sail to sell a portion of its iron ore output commercially for the 2019-20 and 2020-21 fiscal years, starting on 1 April, in light of potential supply disruptions as leases of 36 mines in India expire in March 2020. Sail will be allowed to sell 7mn t ore in 2019-20.
Sail has offered iron ore cargoes via auctions since the end of November although no details are available on Fe grades offered or sale volumes. Sub-62pc Fe grades typically do not have many takers in India, as mills and pellet producers prefer high-grade fines and lump.
By Prasenjit Bhattacharya
The acting head of the Industrial Development and Renovation Organization of Iran (IDRO) has said that manufacturing various types of oil pipes by domestic producers has saved the country over €60 million.
Heavy Equipment Production Company (HEPCO) has signed memorandums of understanding (MOUs) with five major domestic mining companies to manufacture equipment and machinery for them.
Kobe Steel, Ltd announces that it has turned its Chinese affiliate, Wuxi Compressor Co., Ltd., into a subsidiary after acquiring additional shares in the company in April 2020. Based in Wuxi, Jiangsu Province, Wuxi Compressor manufactures designs and sells non-standard (process gas) compressors, a core component used in petroleum refining, chemical and natural gas plants.
In 2018, Magnitogorsk Iron & Steel Works (MMK), Russia, has awarded an order to SMS group covering the extensive modernization of the finishing mill mechanical equipment and the fundamental revamp of the electrical and automation system of hot strip mill 2500 at the Magnitogorsk site.
WEEKLY STEEL SCRAP:
Turkish steel producers remained active in the market for import scrap in the week ending Friday June 12, while prices for bulk scrap in Japan and Vietnam appear to hit a ceiling as activity slowed.
Prices for flat-rolled steel imported into South America continued to recover during the week to Friday June 12 as more increases were issued - mainly by Chinese and Japanese mills - for August-shipment cargoes.