Supreme Court Keeps Iron Ore Mining Ban, But Allows Inventory Sales

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The Supreme Court of India has decided to maintain the “14-month ban on iron ore mining in top producing state Goa but allowed the sale of more than 11 million tonnes of material that sat in stockpiles,” reports Reuters.

“Restrictions aimed at clamping down on illegal mining have slashed output and shipments from India, previously the world’s third-largest exporter with over $7 billion a year of iron ore supplied mostly to China’s steelmakers.”

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Chinese steel prices closed flat for the day. The price of iron ore 58% fines from India were range bound. The price of Chinese HRC remained steady. Chinese coking coal stayed flat.

Following a couple of essentially changeless days, the steel billet 3-month price rose by 2.1 percent on the LME, closing at $240.00 per metric ton. Also on the LME, the steel billet cash price remained essentially flat at $230.00 per metric ton.

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The 3-month price of the US HRC futures contract rose 0.8 percent to $660.00 per short ton. The US HRC futures contract spot price saw little movement on Monday at $667.00 per short ton.