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US ITC votes to extend anti dumping duty on stainless steel wire rod from Japan, Korea and Taiwan
The US International Trade Commission has determined that revoking the existing antidumping duty orders on stainless steel wire rod from Japan, Korea, and Taiwan would be likely to lead to continuation or recurrence of material injury within a reasonably foreseeable time. As a result of the Commission’s affirmative determinations, the existing antidumping duty orders on imports of this product from Japan, Korea, and Taiwan will remain in place.
Source : Strategic Research Institute
Indian steel industry wants MIP extended
The Hindu Business Line reported that with less than a month to go before the minimum import price on 173 steel products expires, the Indian domestic steel industry has written to the Ministry of Steel seeking its extension.
Mr TV Narendran Managing Director of Tata Steel said “We have written to the Steel Ministry as an industry, the Indian Steel Association has sent the letter requesting an extension of the MIP. Imports are still at around half a million tonne a month which was the level it was before the last year. I think 6-7 million tonnes a year is a sizeable amount of imports.”
Mr Naveen Jindal Chairman of Jindal Steel and Power Ltd said “For a country like China it is very easy to export. One per cent of their production is 8 million tonnes, which is equal to 10 per cent of our consumption. So without MIP, they can dump one per cent of their production here at very low and ridiculous prices. This completely destabilises the industry here. If MIP is not extended, many steel plants might close down here.”
The Steel Ministry has been sitting on the fence about the extension of the MIP. Steel Secretary Aruna Sundarajan said recently in Raipur that a decision on extending the MIP will be taken at an appropriate time. “We are very clear that there should be MIP until alternate measures are in place,” she said.
Source : The Hindu Business Line
Omzet Alcoa onder druk
Maandag 11 juli 2016 22:33
Alcoa heeft in het tweede kwartaal van 2016 een lagere omzet en winst geboekt, maar handhaafde de outlook voor het lopende boekjaar. Dit meldde de Amerikaanse aluminiumfabrikant maandag nabeurs.
CEO Klaus Kleinfeld sprak van "sneller evoluerende markten", maar benadrukte dat de onderneming meer wendbaar is en verbeterde resultaten leverde.
In het tweede kwartaal van dit jaar daalde de omzet met 10,2 procent op jaarbasis van 5,9 miljard naar 5,3 miljard dollar. De krimp weet Alcoa aan onder meer lagere prijzen voor aluminium en desinvesteringen.
De nettowinst bedroeg 135 miljoen dollar, terwijl een jaar eerder nog een winst van 140 miljoen dollar resteerde. Exclusief bijzondere posten kwam de winst afgelopen kwartaal uit op 213 miljoen dollar.
Voor 2016 blijft Alcoa onverminderd rekenen op een stijging van de mondiale vraag naar aluminium met 5,0 procent, dat bij de resultaten over het eerste kwartaal werd gepresenteerd. Bij de jaarcijfers over 2015 mikte Alcoa voor 2016 nog op een groei van de vraag met 6,0 procent.
Alcoa liet verder weten dat de geplande opsplitsing van de onderneming in de tweede helft van dit jaar onderminderd "op schema" ligt.
In de reguliere handel sloot het aandeel Alcoa 3,3 procent hoger op 10,14 dollar. In de elektronische handel nabeurs steeg het fonds nog eens 4,6 procent.
Door: ABM Financial News.
Redactie: +31(0)20 26 28 999
Copyright ABM Financial News. All rights reserved
(END) Dow Jones Newswires
July 11, 2016 16:33 ET (20:33 GMT)
ArcelorMittal steel in the world’s largest concentrated solar power plant
Our Industeel division is supplying 1,150 tonnes of specialised steel for Noor III – the world’s largest concentrated solar power plant. The concentrated solar power (CSP) plant is being constructed 10km from Ouarzazate, Morocco, a city that famously played host to Hollywood blockbusters Lawrence of Arabia and Gladiator. Once completed, the Noor project – comprised of Noor I, II, III and IV – will be the world’s largest concentrated solar power plant, occupying a space as big as Morocco’s capital city, Rabat.
Source : Strategic Research Institute
AISI update on raw steel production in US in Week 27
In the week ending July 9, 2016, domestic raw steel production was 1,712,000 net tons while the capability utilization rate was 73.2 percent. Production was 1,750,000 net tons in the week ending July 9, 2015 while the capability utilization then was 73.2 percent.
Source : Strategic Research Institute
US ITC refers US Steel’s 337 case against Chinese companies to US DOC
The US International Trade Commission has temporarily suspended a US Steel Corporation 337 seeking to block Chinese steel from entering the U.S. market on the grounds that at least two issues, namely, price fixing and trans-shipment, fall under the purview of antidumping and countervailing duty laws which are handled by the Commerce Department.
Source : Strategic Research Institute
ArcelorMittal North America leadership update
The following statement was issued by ArcelorMittal regarding the recent leadership changes within ArcelorMittal North America. Robrecht Himpe, executive vice president of ArcelorMittal and chief executive officer AM/NS Calvert, has been appointed chief executive officer of ArcelorMittal North America, effective July 1, 2016. He will remain based in Calvert, providing executive leadership to both organizations.
Source : Strategic Research Institute
Southern Steel terminates contract with Danieli
The Sun Daily reported that Southern Steel Bhd’s wholly owned subsidiary Southern HRC Sdn Bhd has terminated a contract signed with Danieli & C Officine Meccaniche SpA last Thursday. The contract, signed on June 16, 2011, is for the design, manufacture and supply of a Thin Slab Casting Unit feeding directly a twin Steckel Mill for the production of hot rolled coil.
Southern Steel said in its filing with Bursa Malaysia that “Danieli has failed to remedy and resolve the issues set out in the notice of termination which constitute a major default and failure by Danieli to fulfill its fundamental obligations under the contract. Arising from such termination, SHRC reserves all of its rights to exercise all remedies available to SHRC under the contract and at law as a result of Danieli’s misrepresentations, breaches and/or defaults under the contract.”
It said that any and all disputes arising from the termination will be settled by arbitration in accordance with the Rules of Arbitration of the International Chamber of Commerce in Singapore.
It added “The amount involved in the contract is approximately RM427 million. This termination requires an assessment of the carrying value of the project. Pending the assessment, the company is unable to determine the extent of the financial impact, if any, on SSB Group at this juncture.”
Source : The Sun Daily
Liberty says will continue to discuss UK acquisitions with Tata Steel
Reuters reported that Liberty House Group said it would continue to discuss possible acquisitions of parts of Tata Steel's British business after the steelmaker said on Friday it was putting the process of selling its major assets on hold.
Liberty House said in a statement”In the short term we will continue discussions with Tata about the acquisition of a number of important assets that fit well with our strategy.”
On Thursday an industry source told Reuters that Liberty planned to bid for two units of Tata Steel's British business - specialty steels and pipeline tubes.
Indian firm Tata said the sale of some facilities, including its Port Talbot plant, would be paused. But Tata said it will begin separate steps towards the potential sale of its Speciality Steels business and the northern English Hartlepool pipe mills, except for its 20-inch Tube Mill.
Source : Reuters
Essar Steel says mineral lease termination invalid
Star Tribune reported that days after learning Minnesota Gov. Mark Dayton refused to renew its mineral leases on the Iron Range, Essar Steel Minnesota said Monday it has secured a new financing partner and intends to complete its stalled $1.9 billion taconite plant in Nashwauk. Essar officials said in a statement that they view the state's termination of its mineral leases as "invalid" and added they plan "to continue efforts to complete state of the art steel plant in Minnesota." The company filed for bankruptcy protection Friday.
Monday's statement surprised many in Dayton's office, because the state has waited for months for Essar to get proper financing for the stalled project and because Essar is now reviving its long abandoned plans to install a steel mill in Minnesota.
Essar's statement comes after it scaled back the project and after months of missed deadlines and failure to make payments to the state or to its contractors, both of which are owed tens of millions of dollars.
The last missed deadline was July 1. Dayton gave the order to terminate the leases on July 8.
But Monday, Essar Assistant General Counsel Mitch Brunfelt told the Star Tribune in an e-mail that Dayton's move to terminate Essar's mineral lease in Nashwauk violated federal bankruptcy rules.
Source : Star Tribune
Chinese steel output likely to exceed expectations - Commodore Research
A new report from Commodore Research shows some hope for beleaguered dry bulk owners. China’s economy has experienced a significant turn since the first two months of the year and could far exceed second half of the year expectations. There also is a real chance that steel production will find strong support later this year. Overall, China has come a long way from earlier in the year when many were predicting a hard landing would occur — which was a view that had real merit considering the equity market turmoil that stretched on from the second half of 2015 into this year.
The first two months of this year saw the Shanghai Composite Index fall by another 24% — but since the start of March, the Shanghai Composite Index has stabilised and has rebounded by 11%.
The government has had much to do with the equity market recovery, but the fact remains that China has been able to move past its equity market turmoil just as it moved past 2013’s liquidity crisis and 2014’s trust and corporate default issues.
It is not only the equity market where change has occurred. Industrial production growth, steel production, and cement production have all seen positive changes as well. During January and February, China’s industrial production grew by only 5.4% and marked the lowest level seen since November 2008. Since that time, however, industrial production growth has increased and late Q1/Q2 also saw a dramatic rise in steel production.
The first two months of the year saw China’s crude steel production fall year-on-year by 7%, but March through May saw year-on-year growth of 1%.
Chinese cement production also saw year-on-year growth return beginning in March.
The first two months of the year saw Chinese cement production fall year-on-year by 9%, but March through May saw cement production rise year-on-year by 9%.
Overall, a significant change has been seen in China since March. Also remaining very positive is that the government has continued to work to stimulate the economy, and prior efforts to reign in overall growth remain a thing of the past. While calls for steel production capacity reductions also continue to dominate the headlines, steel capacity is different than steel production (China’s annual steel production capacity currently stands at roughly 1.13bn tons, while annual steel production has been recently coming in at around 800m tons). Going forward, Chinese steel production could easily achieve strong support during both the near term and long term, as long as steel mills are able to continue to profit. Large steel firms in China achieved a profit of approximately $1.3bn during January through May, which marked a 700% year-on-year increase and remains encouraging.
The expectation in various markets has been that China’s steel production is poised to fall by a large amount, but this is not at all guaranteed to occur any time soon.
Commodore’s main concern recently has been global iron ore prices faring better than Chinese steel prices (as was seen during much of June and in early July), but steel prices did revert back to finding relative strength over iron ore prices last week. This is a positive development for China’s steel mills, and is also what was seen during the vast majority of March through May, which allowed Chinese steel production to surge during those months). Commodore believes Chinese steel production has the potential to exceed the many bearish expectations that remain for the second half of this year.
Chinese steel stockpiles are currently at historically low levels, and we expect Chinese steel production will show year-on-year growth during the second half of this year.
China’s day-to-day economy has recovered since March (even while under the surface very real problems continue to fester in China’s financial system). In some ways, China also has even flourished recently — especially in comparison to other many other economies’ large trade deficits, contractions in industrial production, and interest rates remaining close to zero (and in some countries below zero). We believe that the positives in China are not being fully acknowledged in various markets. Yes, analysts are no longer insisting that China’s foreign currency reserves will soon lead to calamity in China, and the great concern over the recent devaluation of the yuan has largely subsided as well. However, what is not finding its way into the global narrative is that China’s overall industrial production growth could very well rise further this year, and that steel production could find strong support during the second half of this year.
Source : splash247.com
Demand growth to give scope to treble steel consumption in India – Mr PK Singh
Till such time China goes through supply-side structural reforms of its steel industry, its exports will remain a threat to stability in global steel trade, Steel Authority of India Limited chairman Mr PK Singh tells Kunal Bose of Business Standard. Imports are usurping a portion of India's steel demand but are keeping the prices low, hurting margins of local steelmakers.
Q - You became SAIL chairman at one of the most difficult times for the industry. Responding to industry problems, the government took trade action to staunch imports. How do you view the immediate and medium-term outlook for Indian steel?
A - Indian steel is bearing the consequences of a slowdown in Chinese steel demand, which has caused a surge in imports at low prices, replacing domestic supply. We imported 11.71 million tonnes (mt) of steel in 2015-16, more than a 25 per cent rise over the previous year. As a result, a significant portion of Indian demand was met by cheap foreign-origin steel. Safeguard duty on hot rolled coils followed by minimum import price (MIP) on 173 steel products has given relief to Indian steelmakers.
India is one of the few countries where steel demand will continue to rise at decent rates. World Steel Association has forecast Indian steel demand growth at 5.4 per cent in 2016 and at the same rate in 2017. This is to happen on the back of the launch of major infrastructure projects relating to road, railways and ports development. House starts are also gaining in momentum. At the same time, domestic supply of steel is growing with regular commissioning of new capacity. This will see steel prices remaining stable in spite of MIP-led reduction in imports.
Q - Will you say Indian steelmakers will soon be leaving the bad times behind?
A - Well, we local steelmakers believe that due to intrinsic steel demand growth potential here, the longer term opportunities remain strong. Steel consumption growth has got much to do with overall working of the economy and more specifically on investments made in fixed assets. Rural infrastructure building will continue to open up a new steel demand growth avenue. Our per capita consumption of steel is 60 kg against the global average of 208 kg. So the scope remains for us to treble steel consumption. Demand will get a shot if our steel-cement use ratio follows the pattern of more advanced economies. For this the economy's overall steel use intensity has to be increased, particularly in house-building and infrastructure sectors, by popularising steel-framed construction. Generous allocation of Rs 220,000 crore ($33 billion) for infrastructure development in this year's Budget brings good omen for steel.
Q - What impact is the global steel overcapacity making on supply and prices?
A - The average global steel capacity utilisation is declining. In 2015 it was 70 per cent, leaving about 600 mt capacity idle. Asian majors China, Japan and South Korea are all steel-surplus nations and are, therefore, heavily export dependent. India, with its growing steel use, remains vulnerable to dumping. Overcapacity in China and its big low-priced exports are putting pressure on world steel prices. This has prompted trade action by a number of countries. The growing world dismays over China's steel trade has finally prompted Beijing to declare that 150 mt of capacity will be decommissioned by 2020, including 45 mt this year. Till China completes supply-side steel structural reforms, its exports will remain a threat to stability in steel trade. Chinese steel exports in the first five months of 2016 were up 6.4 per cent to 46.28 mt. As this happens, a significant portion of metal demand in a number of steel-producing countries is usurped by cheap imports.
Q - The government and other stakeholders are concerned about slippages in SAIL completing its Rs 72,000-crore expansion and modernisation programme. Is completing the programme your top priority?
A - Capacity expansion and modernisation are complete at Salem, Rourkela, IISCO, Durgapur and Bokaro steel plants. The focus in all these places is now on ramping up production. As for Bhilai, some major new units like the 7-metre coke oven battery and 360 sq m sinter plant are in production. Other critical units, including a 1.2-mt universal rail mill and a 900,000-tonne bar & rod mill are due for completion this year.
The finance minister has spoken about the steel industry's big share in non-performing assets of banks. Do you think in a situation like this, it will be possible for India to achieve capacity of 300 mt by 2025?
India is on track to becoming the world's second-largest steel producer. However, capacity expansion would also depend on surpluses Indian steelmakers are able to generate. Hence, protection from cheap imports is essential for capacity growth.
Q - Going up the value chain is a SAIL priority. Joining hands with ArcelorMittal is to further that process. Is the tie-up making progress?
While global overcapacity and weak demand remain a concern, demand is good for special and value-added steels for certain applications. Automotive steel is one where globally demand is growing.
Our partnership with ArcelorMittal is aimed at catering to the country's growing requirements of the automotive sector for high-strength steel. Such steel adds to automotive safety and fuel efficiency. The co-operation between SAIL and ArcelorMittal is to promote indigenisation of supply chain of high quality cold rolled and coated automotive steel.
Source : Business Standard
POSCO plans to invest in titanium for future
POSCO, South Korea’s biggest steelmaker, plans to heavily invest in titanium as a new growth engine.
An official at POSCO said that “The use of titanium is expanding and the value addition is high, which will boost profitability in the future.”
Titanium is a metal used widely in industries ranging from aviation to munitions. It boasts 43 percent lighter weight than steel, while it has the double the strength of aluminum alloy. With the advancement of technology, titanium is now used in cars, golf clubs, outdoor gears and kitchen utensils. However, producing titanium is energy-intensive and costly, which is seen as one reason for its relatively slow growth rate, industry experts say.
POSCO jumped into titanium business in 2008. The company, after completing product development, began production and sales in 2010, with the establishment of a titanium slab plant in the eastern Kazakhstan with a Kazakhstan company.
This year, POSCO is planning to increase sales of cold rolled titanium coil by 13 percent, from 2,300 tons to 2,600 tons.
Source : Korea Herald
New filament means you can print metal on any 3D printer - Sources
The Virtual Foundry reported that we just got used to the fact that only high-end printers could manage metal and most mortal makers would have to make do with simple plastics. That just changed, you can now print Copper and Bronze on any 3d Printer.
This new filament from the Wisconsin-based company could literally be a game changer, disrupting the current course of 3D Printed Metal. They’ve launched with copper and bronze, but you can expect to see more metals in the near future.
More than just metal.
The Virtual Foundry’s patented process works not only with metal,but they will follow up with 3d printable Glass and Ceramic products over the next 6 months. So maybe you don’t have to upgrade your 3D printer after all and even the most basic desktop unit could become a complete manufacturing facility thanks to this quantum leap in material science.
How does it work? It’s basically a highly infused plastic, just enough plastic to get it through your current printer. Currently this is a mere 11.5%, an amount considered below the theoretical limit only a year ago. The 88.5% of mass that remains is high purity metal powder. The prints can then be simply polished, or more interestingly be post-processed to remove the small amount of plastic. The resulting product is 99+% pure metal, which is as close to pure as many of us will ever need. The Virtual Foundry says they continue to improve the process and expect future versions to be closer to only 8% plastic.
Another great Kickstarter success story?
This project surfaced on Kickstarter last year, where it raised 135% of the target funding. The Virtual Foundry, though, has been on a mission to bring metal production to our desktops since before 3D printing was even an option. It worked with cold-casting and electro forming in the old days, but now technology has caught up and 3D printing looks to have given them the answer.
We haven’t got our hands on the finished product just yet. But the big launch at the Hubble Auditorium at Lockheed-Martin suggests that the team has really cracked the code.
Bradley Woods, the man behind this technical breakthrough, said that “Printer manufacturers have struggled for years to bring metal printing down into the price range of the average individual or small business. Filamet™ takes the opposite strategy. Rather than bring the high-end down, it simply expands the capabilities of current 3D printers.”
“We expect materials to account for a large portion of near-term product innovation in the 3D printing market. Our company offers an immediate solution to producing real and useful metal prints on the desktop 3D printer that you already own.”
Professionalise your home printer
This filament could turn your desktop printer into a rival for the serious commercial machines and could even prove to be better. That’s because metal printers are notoriously slow and a large printer can actually take 48 hours to produce a single print.
So while the end result might be spectacular, it simply might not suit your workflow even if you could afford to have one in your home workshop.
Consumer printers are designed with the average user in mind, so they offer a realistic compromise of price, resolution and speed. With the addition of this metallic filament, then your home 3D printer could become a real manufacturing weapon. We can suddenly make copper and bronze statues and parts without access to a kiln and that could be a maker’s revolution on its own.
Prints can take less than five hours with a consumer printer and this new material is even big news for big business.
Companies are into this too
The technology has attracted big names like Calvin Klein and a company that wants to license the technology to fabricate consumable parts for its facility that 3D prints Uranium fuel cells for nuclear reactors. The technology works with any 3D printer,which means that even commercial companies with several printer scan now opt to use their simpler units for faster, cheaper production.
This opens up so many new avenues and the science itself could be a launchpad for other companies to create their own innovations. We’ve often said that the biggest step forward will come from the materials, but even we didn’t see a company turning today’s printers into complete metal, glass and ceramic production facilities.
We can’t wait to see the products in action and to test this filament for ourselves. If it turns out to be half as good as the claims then it has the capacity to change everything.
Source : The Virtual Foundry
ArcelorMittal klaar met opkoopprogramma
Gepubliceerd op 13 jul 2016 om 15:43 | Views: 1.859
LUXEMBURG (AFN) - ArcelorMittal heeft zijn vorige maand aangekondigde opkoop van obligaties afgerond. Obligatiehouders hebben uiteindelijk voor ruim 583 miljoen dollar aan schuldpapier aangeboden aan de staalgigant, maakte ArcelorMittal woensdag bekend.
Het bedrijf wilde voor maximaal 600 miljoen dollar aan leningen vervroegd aflossen, om de schuldenlast te verkleinen. Het ging om leningen die lopen tot 1 juni 2020, met een totaal uitstaand volume van 500 miljoen dollar, leningen tot 5 augustus 2020 met een uitstaand volume van 1 miljard dollar en obligaties die lopen tot 1 maart 2021 met een uitstaand volume van 1,5 miljard dollar. Obligatiehouders konden tot en met 12 juli inschrijven op de aflossing.
ArcelorMittal highly commended in responsible business award for leading private sector response to Ebola outbreak in Liberia
ArcelorMittal has been recognised in the 2016 Business in the Community Annual Responsible Business Awards, and more specifically in the UPS International Disaster Relief Award category supported by the UK Department for International Development.
The award acknowledges ArcelorMittal’s successful efforts in bringing the private sector together to fight the Ebola virus in Liberia, mobilising emergency support and building goodwill for their business.
“I am very proud of the proactive approach that we took in leading the private sector response to the Ebola outbreak in Liberia.” Mr. Mittal commented.
The judges applauded the Ebola Private Sector Mobilisation Group (EPSMG) for demonstrating an inspirational and highly successful approach.
“By leading the private sector response to the Ebola outbreak in Liberia, the EPSMG demonstrated the unequivocal power of the private sector as a partner in humanitarian aid,” said Luis Arriaga, Managing Director UK Ireland, Nordics, UPS Ltd, who chaired the judging panel.
He added: “The EPSMG demonstrated the strength of common purpose, core skills competencies and resources, and stakeholder relationships between business and their employees, other business, the communities in the areas they operate, and government.
“The EPSMG had clear impact, scale and significance. Given the predicted deaths from the outbreak, the result of zero deaths across the immediate employee group is amazing. This is a clearly replicable, scalable and inspirational initiative.”
The event at the O2 arena was the culmination of the 2016 Responsible Business Awards, run by The Prince of Wales’s charity Business in the Community to celebrate the innovative ways that businesses in the UK and abroad are making a sustained difference and transforming communities.
Stephen Howard, chief executive, Business in the Community said:
“The Responsible Business Awards provide the proof that from the largest global multinational to the smallest local firm, business is a powerful force for good in society. This year we have seen some profound examples of what business can achieve when it puts responsibility at the heart of its operations. I congratulate ArcelorMittal for the practical action it has taken to build a fairer world and more sustainable future."
Over 1,600 senior guests, from SME owners to the CEOs of global brands attended the Annual Responsible Business Gala on 11 July.
Almost 300 companies entered the 2016 Responsible Business Awards which represent the varied ways that businesses can make a sustained difference, and tackle issues ranging from youth unemployment, mental health and wellbeing to international disaster relief and the Ebola crisis.
To find out more about ArcelorMittal’s award entry, visit www.bitc.org.uk/awardstories
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ArcelorMittal's dual phase steel brings lightweight gas cylinders to the barbecue
Gasflaschenwerk Grünhain (GWG) is Germany’s only manufacturer of welded steel cylinders for liquid gas and refrigerants. One of GWG’s latest innovations is the Premium 21 gas cylinder which has been designed using a dual phase grade DP600 from ArcelorMittal Europe – Flat Products. Commonly used in automotive applications, this high strength grade makes the Premium 21 lighter than its competitors while taking advantage of the safety and strength properties of dual phase steels.
Source : Strategic Research Institute
USA in de min, hier dus ook.
NMDC gains on reporting 7.63MT production of iron ore up to June 2016
LiveMint reported that NMDC is currently trading at INR 96.05, up by 1.40 points or 1.48% from its previous closing of INR 94.65 on the BSE.
The scrip opened at Rs. 95.30 and has touched a high and low of Rs. 97.10 and Rs. 95.10 respectively. So far 2,68,000 shares were traded on the counter.
The BSE group 'A' stock of face value Rs. 1 has touched a 52 week high of Rs. 116.30 on 14-Jul-2015 and a 52 week low of Rs. 75.20 on 12-Feb-2016.
Last one week high and low of the scrip stood at Rs. 97.80 and Rs. 94.25 respectively. The current market cap of the company is Rs. 38,061.27 crore.
The promoters holding in the company stood at 80.00%, while Institutions and Non-Institutions held 17.35% and 2.65% respectively.
NMDC has reported 7.63 million tonnes (MT) of iron ore production and logged sales volume of 7.77 MT up to June 2016. The company’s Chhattisgarh mines produced 4.85 MT of iron ore and registered sales volume of 4.94 MT, while Karnataka mines produced 2.78 MT of iron ore and sold 2.83 up to June 2016.
NMDC is a state-controlled mineral producer of the Government of India. It is fully owned by the Government of India and is under administrative control of the Ministry of Steel.
Source : LiveMint
Vedanta moves court for iron ore export permit in Karnataka
Business Standard reported that with increasing iron ore stock in Karnataka, Vedanta has filed a writ petition in the high court, seeking permission to export.
The Supreme Court had banned mining of ore in Karnataka in July 2011, following allegations of illegalities, resulting in large-scale environmental damage. In April 2013, while the apex court allowed resumption of mining, it enforced an annual cap of 30 million tonnes (mt). The exports were also banned.
The Karnataka High Court will have its first hearing on the matter on Tuesday.
According to Vedanta, there was an oversupply of iron ore in Karnataka. Apart from 30-mt production, there was an additional supply of 6 mt from mines with extended lease period and stocks.
In its 2013 order, the SC had directed that iron ore be sold only through e-auction conducted by the court-appointed monitoring committee. The situation was such that in the first quarter of 2016-17, more than 34 per cent of iron ore (3.42 mt) put up for auction remained unsold.
In the past few months, Vedanta has been unable to auction its iron ore (both lumps and fines of different grades), though the base sale price fixed by the company was around the average price realised by the monitoring committee during an earlier stock sale.
Vedanta said that the state government and the monitoring committee for permission to export the iron ore. While the state government did not pay any heed to Vedanta’s request, the committee said the decision could only be taken after the Supreme Court’s permission.
The company said that “Due to this delay, the petitioner (Vedanta) is time and again constrained to put up the very same quantity of iron ore for e-auction repeatedly by reducing its base sale price and only when the base sale price is reduced that the same is purchased by the end user industries at the very base price without any increase in bid amount.”
According to Vedanta, this was resulting in unfair market condition for sellers as a ‘buyers’ market’ was created since the buyer or purchaser had the option of “buying the iron ore in the e-auction or from any other lessee from any other state or even importing the iron ore into the country”.
It said that “The entire finances of the petitioner company gets affected due to the delay in the sale of the iron ore and further, the logistics involving the mining operations also gets adversely affected due to piling up of the stock within the mining lease area.”
Source : Business Standard
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