Tata Steel Gets Urgent Iron Ore Respite From Court Ruling

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High Court orders in the Indian states Odisha and Jharkhand have allowed to Tata Steel, which was depending on external sources of iron ore for more than a month, to procure the raw material locally again.

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The court order has allowed Tata to resume iron ore and manganese mining in Odisha as of December 15. The courts have also asked Jharkhand to resume mining in the state. All this bodes well for Tata Steel’s India operations, but the respite is only until further hearings in the next year.

The price of Chinese 304 stainless coil fell 1.4% on Monday, December 29 to CNY 17,500 ($2,809) per metric ton, making it the day’s biggest mover. The price of Chinese primary nickel rose 0.6% to CNY 109,200 ($17,528) per metric ton. The price of Chinese 304 stainless steel scrap saw essentially no change for the fifth day in a row, remaining around CNY 9,850 ($1,581) per metric ton. The price of Chinese 316 stainless steel scrap continues hovering around CNY 13,350 ($2,143) per metric ton for the fifth day in a row. The price of Chinese 316 stainless coil was unchanged at CNY 23,700 ($3,804) per metric ton.

The price of Chinese ferro-chrome remained essentially flat at CNY 10,950 ($1,758) per metric ton. The price of Chinese ferro-moly saw little movement at CNY 90,000 ($14,446) per metric ton.

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The cash price of primary Indian nickel rose 1.0% to INR 988.00 ($15.53) per kilogram after a two-day drop. On the LME, the nickel 3-month price saw little movement yesterday at $15,305 per metric ton. The spot price of nickel showed little movement on Monday on the LME at $15,250 per metric ton.

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