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|| Indian iron steels China ||
Over the past couple of months, the steel industry has witnessed constant dialogue between iron ore miners and steel producers, aimed at reaching common ground on the availability of a key commodity for manufacturing steeliron ore. While manufacturers of the alloy have gone up to the Prime Ministers Office (PMO) seeking a ban on exports of iron ore citing sky-high prices, miners of the key raw materialwhose pellets form about 60% of the cost of production of steelclaim that steel mills have been importing iron ore to suppress prices of the commodity despite huge stockpiles lying idle. Both sides have made sure to supplement their claims with data.
ndustry associations, including the All India Induction Furnaces Association (AIIFA) and the Indian Steel Association (ISA)representing both secondary and primary steel makershave written separate letters to the PMO batting for a ban on iron ore exports.
Over April-July 2020, Indias exports of iron ore have risen by a massive 63%. This rise in exports is primarily fuelled by record steel production by the worlds largest steel manufacturerChina. Chinese steel output hit all-time highs in September, as state-backed investment in infrastructure projects took centre-stage amid the nations resurgence from the pandemic. This was further corroborated by an Edelweiss report which stated that iron ore imports in China surged 9% year-on-year in September 2020 and iron ore inventory at ports rose to 124 million tonnes from 105-110 million tonnes in July 2020. Consequently, miners including the NMDC have been exporting the iron ore owing to higher realisation for their produce.
The signs were already visible in FY20 as Indias iron exports rose 133% to 37.69 million tonnes versus FY19 levels. And over 80% of these exports went to China. In crux, Indias domestically produced iron ore was serving the needs of another market before catering to its own.
Aggravating the situation is the problem of non-operationalisation of merchant mines in India.
Indias iron ore production over April-September 2020 stood at 47 million tonnes, witnessing a drop of about 50% versus last year. Also, about 50% of the mines auctioned in Odisha this year went to large steel players for captive usage while majority of the remainder, which have gone to merchant miners, are yet to start production.
https://www.financialexpress.com/opinion/the-mystery-behind-rising-iron-ore-prices/2153868/
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You can enroll as a voter for MLC elections now if you have not enrolled earlier. https://ceotserms1.telangana.gov.in/MLC/Form18.aspx || Indian iron steels China || Over the past couple of months, the steel industry has witnessed constant dialogue between iron ore miners and steel producers, aimed at reaching common ground on the availability of a key commodity for manufacturing steeliron ore. While manufacturers of the alloy have gone up to the Prime Ministers Office (PMO) seeking a ban on exports of iron ore citing sky-high prices, miners of the key raw materialwhose pellets form about 60% of the cost of production of steelclaim that steel mills have been importing iron ore to suppress prices of the commodity despite huge stockpiles lying idle. Both sides have made sure to supplement their claims with data. ndustry associations, including the All India Induction Furnaces Association (AIIFA) and the Indian Steel Association (ISA)representing both secondary and primary steel makershave written separate letters to the PMO batting for a ban on iron ore exports. Over April-July 2020, Indias exports of iron ore have risen by a massive 63%. This rise in exports is primarily fuelled by record steel production by the worlds largest steel manufacturerChina. Chinese steel output hit all-time highs in September, as state-backed investment in infrastructure projects took centre-stage amid the nations resurgence from the pandemic. This was further corroborated by an Edelweiss report which stated that iron ore imports in China surged 9% year-on-year in September 2020 and iron ore inventory at ports rose to 124 million tonnes from 105-110 million tonnes in July 2020. Consequently, miners including the NMDC have been exporting the iron ore owing to higher realisation for their produce. The signs were already visible in FY20 as Indias iron exports rose 133% to 37.69 million tonnes versus FY19 levels. And over 80% of these exports went to China. In crux, Indias domestically produced iron ore was serving the needs of another market before catering to its own. Aggravating the situation is the problem of non-operationalisation of merchant mines in India. Indias iron ore production over April-September 2020 stood at 47 million tonnes, witnessing a drop of about 50% versus last year. Also, about 50% of the mines auctioned in Odisha this year went to large steel players for captive usage while majority of the remainder, which have gone to merchant miners, are yet to start production. https://www.financialexpress.com/opinion/the-mystery-behind-rising-iron-ore-prices/2153868/
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