JSW may be forming an alliance with Noble Group to buy Stemcor’s assets, reports The Economic Times.
“Stemcor’s assets include Aryan Mining and Trading Corp. Pvt. Ltd, which has a 3 mtpa iron ore mine, and a separate manganese ore mine. Stemcor also owns Brahmani River Pellets Ltd’s beneficiation unit and pelletization facility with a production capacity of 4mt. The pellet plant has just received all the clearances and started operations.”
On Wednesday, October 9, the steel billet cash price fell by 2.3 percent on the LME, landing at $210.00 per metric ton and making it the day’s biggest mover. The 3-month price of steel billet saw a 2.1 percent decline on the LME to $235.00 per metric ton.
Chinese steel prices were mixed for the day. The price of iron ore 58% fines from India were range bound. After three essentially changeless days, the price of Chinese slab dropped 0.6 percent yesterday. For the fifth consecutive day, the price of Chinese HRC held flat.
The 3-month price of the US HRC futures contract declined 0.5 percent to $635.00 per short ton. Wednesday saw the spot price of the US HRC futures contract drift down 0.5 percent to $645.00 per short ton after three quiet days.