Iron Ore

The company is likely to push iron ore capacity up, from the current rated 50 MTPA to 70 MTPA, which would leave it well-placed to meet demand in the next up cycle

NMDC Ltd on Wednesday reported 4 per cent growth in its iron ore production at 4.48 million tonnes (MT) in February 2023 compared to 4.31 MT a year ago. Sales of iron ore declined by 4.78 per cent to 3.78 MT in February 2023 compared to 3.97 MT in the same month of last year, according to an exchange filing. NMDC's iron ore production during the April-February period fell 4.19 per cent to 35.62 MT from 37.18 MT in the year-ago period. Iron ore sales in April-February 2022-23 also fell 8.61 per cent to 33.42 MT from 36.57 MT a year ago. NMDC, under the Ministry of Steel, is India's largest iron ore producer contributing nearly 17 per cent to the country's total iron ore production.

Authorities in China are also seeking to bolster their influence over iron ore pricing in the longer term by consolidating purchases on behalf of about 20 of the country's largest steelmakers

State-owned NMDC on Monday announced that it has hiked the prices of iron ore lumps by Rs 200 to Rs 4,300 per tonne. The country's largest iron ore miner has also increased rates of iron ore fines by Rs 500 to Rs 3,410/tonne, NMDC said in a regulatory filing. The prices are effective January 1, and exclude royalty, district mineral fund (DMF), National Mineral Exploration Trust (DMET), cess, forest permit fee and other taxes, the company said. Lump ore or high-grade iron contains 65.53 per cent Fe (iron), while fines are inferior grade ore with 64 per cent and less Fe content. In the last price revision announced on November 30, NMDC had fixed the rate of the lump at Rs 4,100 per tonne and that of fines at Rs 2,910 a tonne with immediate effect. Iron ore is one of the key raw materials used in the manufacturing of steel, and any movement in its prices has a direct impact on the rates of the steel, an alloy widely used in segments such as construction, infrastructure, automobile an

The domestic steel industry must adopt new age technologies and carry out research and development (R&D) activities to utilise the low-grade iron ore in their production, the government said on Thursday. The production of low-grade iron ore is increasing in the country compared to high-grade ores, Steel Secretary Sanjay Singh said. "Industry must collaborate in....the country's preparedness for producing all kinds of speciality steel, utilising about 100 million tonne (MT) low quality ore around the mines by converting them into high quality, adoption of high level technology, and develop a common strategy for R&D collaboration," the official said at the 'CII Steel Summit 2022' here. On Tuesday, Union Steel Minister Jyotiraditya Scindia had urged the domestic steel industry to adopt low-carbon emitting steel-making processes, while cautioning that key raw materials coking coal and iron ore may not be a viable option in the future based on environmental, social, and governance .

Since the quality control order 3 years ago, toy import down 70 per cent

NMDC Limited on Friday reported eight per cent growth compared to the same month last year in iron ore production at 3.61 million tonnes and 5.5 per cent jump in sales at 3.04 million tonnes in November. NMDC's iron ore production for the period September-October-November, 2022 is recorded as the best ever production of these months in a row, in company history, a press release from the miner said. Commenting on the company's thriving performance, Sumit Deb, CMD, NMDC, said with an upswing in the demand for steel, the company is in the path to escalate production and ensure a healthy supply of iron ore consistently. The growth trajectory of our performance in the last three months has been exceptional and displays NMDC's commitment towards a self-sufficient nation by setting new benchmarks, Deb said. With exceptional iron ore production in the last three months, the mining major is preparing to surpass all records in FY23, it further said.

Officials peg FY23 freight between 1500-1550 mt

The removal of export duty on steel products will help the domestic metal producers pull up their profits with now having the freedom to explore overseas markets as well, experts said. The government has cut the export duty on steel products and iron ore to nil with effect from November 19, 2022 -- six months after imposition of the levy on May 21. The relief comes on the back of domestic steel prices correcting by 15-20 per cent since these duties were imposed, Jayanta Roy, Senior Vice President & Group Head, Icra Limited, said. "We believe that the latest measure will help pull up the industry's profits from the second quarter lows as companies now get the freedom to explore overseas markets, depending on the pricing environment," the expert said. SteelMint India also termed the government's decision of withdrawing export duty on steel and raw material as a positive move for the industry. However, according to the research firm, the move may not help the industry in the short ..

Analysts perceive the roll-back of export duties on steel as a valuation re-rating event, rather than an earnings upgrade trigger

The import duty concessions on anthracite/PCI coal, coking coal, coke and semi coke and ferronickel have also been withdrawn.

Investment would be voa NMDC's Perth-based arm, Legacy Iron Ore, which is already prospecting for iron ore, gold and base metals there

"In October, exports were nearly zero, and it will be so while the duty remains," R.K. Sharma, secretary-general of the Federation of Indian Mineral Industries (FIMI), told Reuters in an interview

One site each of potential gold, copper, graphite, bauxite, and moissanite would be taken up for the initial study, the official said.

FY23 auto freight grows 72% as automakers switch to rail

Steel-makers are in for better times from the second half of the current fiscal as lower input cost and robust domestic demand will ease their margin pressure and lift operating margins to over 25 per cent, as per a report. The industry was hit by high input costs in the first quarter and is still under pressure in the ongoing second quarter, the rating agency said in the report. As a result, their operating margins of primary steelmakers are likely to fall to 14-16 per cent in the first half of this fiscal -- massively down from 30 per cent last fiscal, which was a decadal best -- due to high input costs, lower realisations and imposition of export duty on finished steel products, among other reasons, Crisil added. However, from the second half onwards the margin pressure is expected to ease due to lower production costs because of declining raw material prices and steady realisations backed by robust domestic demand, lifting it above 25 per cent, the report said. This will have t

NMDC Ltd targets to achieve 46 million tonnes of Iron ore production in the current fiscal, 10 per cent higher than that of last year, Chairman and MD, Sumit Deb said

"The prices have already bottomed out. There is no chance of reducing them further. There will be an upward price correction from Friday, July 1 mainly on account of higher input cost," he said

The revised prices are effective from June 5, 2022, and exclude royalty, District Mineral Fund (DMF), National Mineral Exploration Trust (DMET), cess, forest permit fee, and other taxes, the company s

The Centre is aiming to complete the demerger of NSP from MMDC within the next four to five months, according to an official document.