JSW Steel will import six million metric tons of iron ore this year, the highest by any Indian domestic steel producer ever. With the mining crisis in the states of Karnataka and Odisha striking at the heart of the country’s steel production capacity.
While the first shipment of 1.75 lakh tons of high grade ore arrived from South Africa at Krishnapatnam port last week, three more shipments in are due to reach India next week. The company is depending on imports to source nearly 20 percent of its steel output.
On Wednesday, July 9, the day’s biggest mover was the spot price of the US HRC futures contract, which saw a 0.6 percent increase to $672.00 per short ton. The 3-month price of the US HRC futures contract finished the day at $640.00 per short ton following a 0.3 percent increase.
Chinese steel prices closed flat for the day. The price of iron ore 58% fines from India hit a high price of CNY 840.00 ($135.46) and a low price of CNY 830.00 ($133.84) per dry metric ton. The price of Chinese HRC showed little movement yesterday at CNY 3,390 ($546.66) per metric ton. The price of Chinese coking coal continues hovering around CNY 1,390 ($224.15) per metric ton for the fifth day in a row.
Also on the LME, the cash price of steel billet held steady around $395.00 per metric ton. The 3-month price of steel billet was unchanged on the LME at $400.00 per metric ton.