Indian iron ore

Even as the Goa government is about to bring in a new mining policy to reopen mines, the falling prices of iron ore in the global market and the export duty make it a very unattractive proposition for Sesa Sterlite to sell iron ore abroad.

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The government is caught in a piquant situation – if it continues with the 30% export duty, miners cannot export the ore at high rates and would be forced to sell it locally, and if it removes the export duty, steel mills will be left to buy imported iron ore since the shortage would increase domestically as most of the ore would be exported.

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India’s new government immediately has to tackle a crisis brewing in the iron ore sector. Just a few days before the new government took its oath of office, India’s Supreme Court ordered almost half of the iron ore mines in India’s top producing province, Odisha, shut down because of the local government’s failure to renew decades-old mine leases.

FREE Download: The Monthly MMI® Report – covering Steel/Iron Ore markets.

The ban has dealt a body blow to expectations of the iron ore industry worldwide, and particularly of the belief that India would retake its position as a leading ore exporter.

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Having registered the Indian steel industry’s lowest growth rate ever, most of India’s steel companies are reeling from low domestic consumption and the reduced value of the rupee. They have either cut the prices of their products or are actively contemplating it.

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In an attempt to earn higher profits, iron ore miners in the south Indian state of Karnataka new seek new opportunities for exports, this time in the form of pellets according to the Business Standard. As the Indian federal government has waived the entire 15 per cent duty on export of iron ore pellets, not […]

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Steel and iron ore companies in and around the south Indian state of Karnataka may have a little chance to cheer with the news that Supreme Court of India (SC) has allowed the auction of iron ore already lying in stockyards, under the supervision of a monitoring committee, reports Business Standard. The report claims that […]

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