A two-year old ban on iron ore exports from Karnataka which has halved shipments from the world's No. 3 supplier will take centre stage at an industry gathering in Bangalore this week as pressure mounts to lift the restriction.
The stock of JSW Steel has been beaten down due to the mining scandal that it is embroiled in. Today, it has fallen by 11% and by 20% over the past week. According to Bhavesh Chauhan, metal analyst at Angel Broking, the company may get de-rated due to this.
Iron ore shipments Karnataka could see further delays, buoying global prices, amid a mounting political crisis after the state's chief minister agreed to quit over a USD 3.6 billion illegal mining scandal.