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Associations such as FIMI and QMOEA have appealed to Commerce Minister Piyush Goyal and the Principal Secretary to the Prime Minister, urging them to reconsider any duty imposition
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BHP said India's commodity consumption has been largely 'domestically-focused', and the nation consumes 'almost all steel' produced domestically, making it a key player in the global demand outlook.
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Trott, 50, takes on the role after Rio sought a leader with more mining experience to focus on portfolio growth. Rio has many expansions in the pipeline, including a $13 billion splurge on iron ore, a range of new lithium projects, and plans to keep growing in copper.
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Ramp-up in capacity, stronger integration, and focus on value-added products to drive growth
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Steel prices had already increased in anticipation of a safeguard duty, which has now been proposed at 12 percent on imports. It throws a lifeline for integrated steel producers although Trump’s tariff wars remain a risk to watch out for
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Karnataka is an important state for NMDC as it contributes to nearly 35% of the overall mix for the company
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Futures declined as much as 2% in Singapore after slumping on Friday, when the Chinese government unveiled a debt-swap plan but stopped short of measures to directly boost domestic demand.
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While iron ore is abundant, India's dependence on imported coking coal and low-grade ore beneficiation increases production costs for steel manufacturers.
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Iron ore accounts for 70% of the total mineral production by value in India, the Mines Ministry said.
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NMDC aims to increase production from 45 million tonne (MnT) in FY24 to 50 MnT in FY25, with the ultimate goal of reaching production capacity of 100 MnT by
2030-31, thereby raising its domestic iron ore market share annually 20% to 25%.
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China's steel consumption has been reeling under a prolonged slowdown in the real estate business, and while it has resorted to export more, the iron ore market has currently seeing a situation of excess supply.
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And Turkish stocks’ wild ride
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The near term outlook appears to be soft as China’s economic recovery is not helping, although the longer-term outlook may remain bright due to the green transition
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As of now, NMDC has a liability of over Rs 2,000 crore towards the state of Karnaraka and Rs 144 crore towards the states of Chattisgarh, but Mukherjee adds that a "very substantial amount" of these liabilities will be recovered through customers.
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Copper prices have come off the highs of $11,000 hit last month, as worries over inventories and weakness in China are making investors in the commodity nervous.
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NMDC has raised the lump ore prices by Rs 250 a tonne and fines by Rs 350 a tonne
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A move to maximise the use of low-grade iron ore give steel producers a better cost advantage. India's imports of iron ore hit a five-year high of 5.31 million tonnes in FY24.
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China typically accounts for more than 90% of overall shipments of iron ore from India which is the world's fourth-largest producer of the steel-making ingredient.
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According to BigMint data, exports of iron ore pellets increased nearly 80% y-o-y to 11.3 mnt in FY'24 as against 6.3 mnt in FY23.
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The steelmaking material fell as much as 3.9% to $96.25 a ton in early trading on the Singapore Exchange. Prices have floundered since early January as investors adjust to weaker demand prospects from the real-estate sector.
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Futures declined as much as 3% to $97 a ton in Singapore after collapsing by more than 13% last week. Industrial production data are due later on Monday, offering an insight into conditions across Asia’s largest economy.
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Exports of iron ore, mainly fines of below Fe (iron) 58% grade, as well as pellets rose to a three-year high of over 44 million tonnes in calendar year 2023, according to analytics firm SteelMint.
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According to reports, smaller steelmakers in India are pressing for a ban on exports of iron ore.
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Production, sales volume came in higher while iron ore realisation was 13 percent more
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Chinese imports will play a bigger role in determining steel prices
