In a filing to BSE, NMDC said it has increased the price of lumps or high-grade iron ore by Rs 300 to Rs 2,950 per tonne, and that of iron ore fines or inferior grade ore by Rs 300 to Rs 2,660 a tonne.
Iron ore prices seem unstoppable having crossed $120/tonne driven by China’s appetite for steel. What that means for India’s steel companies and for one mining company.
Of these mines likely to be auctioned in the three months' time in Madhya Pradesh, there will be two bauxite blocks, one iron ore and one rock phosphate.
The price of iron ore fines, which are inferior grade ore, has also been reduced by Rs 400 to Rs 1,960 per tonne.
The forecast sell-off has been slower than expected owing to stronger-than-expected Chinese construction activity and lower-than-expected Brazilian supply so far this year, analysts wrote.
"The Ministry of Environment, Forest and Climate Change has accorded its environmental clearance to Ardent Steel (a subsidiary our company) for enhancement of production capacity of existing iron ore pelletisation plant from 6,00,000 TPA (tonnes per annum) to 6,90,000 TPA through process optimisation without any further capital expenditure for the same," the company said.
The government last month promulgated an ordinance for amendment in the MMDR Act 1957 and the CMSP (Coal Mines (Special Provisions) Act, 2015, a move aimed at enhancing the ease of doing business, among others.
A bench headed by Chief Justice S A Bobde delivered the judgment on a plea by mining firm Chowgule and Company Private Limited.
The eight iron-ore mines of SAIL located in the eastern region produced 43.67 million tonne of the key raw material in 2019.
Chief Minister Y S Jagan Mohan Reddy is scheduled to lay the foundation-stone for the steel plant, at Sunnapurallapalli and Peddanandluru villages of Jammalamadugu mandal on December 23.
The 370-metre long terminal, with a capacity to handle 18 million tonne per annum, has already been commissioned by its arm JSW Infrastructure, the group said on Monday.
Union Petroleum and Natural Gas Minister Dharmendra Pradhan held a meeting with Andhra Pradesh Chief Minister Y S Jagan Mohan Reddy at the Secretariat here on Friday afternoon and discussed a host of issues, including the critical iron ore linkage for the steel plant.
The 329 mines, including 48 operative and 281 non-operative ones, are spread across 10 states, Federation of Indian Mineral Industries (FIMI) said.
The world's top iron ore consumer brought in 99.36 million tonnes of the mineral last month, the biggest purchase since January 2018, Reuters calculations showed. That was up 4.8% from 94.85 million tonnes in August and compared with 93.47 million tonnes a year earlier.
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The chief minister, who also holds mining portfolio, has asked the Directorate of Mines and Geology to provide the inventory of dumps lying across the state.
Cyclone Veronica tore down the coast of Western Australia in March, hitting several iron ore export hubs, in a return of more turbulent weather conditions after several moderate years.
The rally in iron ore prices is continuing, with international prices hitting a 5-year high. If steel prices rise in tandem,Indian steel companies will benefit
The other countries from which India imports iron ore and its shares are South Africa (19 percent), Brazil (15 percent) and Bahrain (5 percent).
China brought in 83.08 million tonnes of iron ore last month, its lowest level since April, data from the General Administration of Customs showed.
"This would heap pressure on margins of steel makers who lack captive iron ore supply - especially long steel players - impacting their gross spreads by two-four percent," he added.
Priyanka Sahay gets in conversation with Gaurav Choudhury, Deputy Executive Editor, Moneycontrol to find out what is the current status of the entire issue and the proposals stated by the government so far.
With the Parliament’s last session before the Lok Sabha elections getting over, the only legislative option left is through a central Ordinance