Friday 01 November 2024 - 10:04

Date: 07 November 2018 , 14:34

News ID: 2522

NEWS SERVICE: MINES and MINERALS

Essar Steel: Iron Ore Sourcing Up 10% in Sept'18

Essar Steel - an integrated steelmaker with steel making capacity of 10 MnT p.a. recorded increase in total iron ore & pellet sourcing for the month of Sep'18. The sourcing stood at 0.88 MnT in Sep'18, up 10% M-o-M as against 0.81 MnT in Aug'18.

However, on yearly basis iron ore & pellet sourcing witnessed fall of 7% in Sep'18 as against 0.95 MnT in Sep'17.

Iron ore procurement from NMDC (C.G.) down slightly on monthly basis

Essar Steel procured 0.41 MnT of iron ore in Sep'18 from NMDC's Bailadila mines in Chhattisgarh via slurry pipeline, down slightly against procurement in Aug'18 at 0.42 MnT.

On 26th Sept 2018, the miner had increased Baila fines prices by INR 200/MT, Baila lump by INR 300/MT, ROM by INR 280/MT and DR-CLO by INR 360/MT. Prior to this on 7th Sept the miner had raised prices by INR 150-370/MT.

On yearly basis, the steelmaker depicted 16% decrease in Sep'18 sourcing as compared to 0.49 MnT in Sep'17.

Sourcing from Odisha merchant mines up 26% M-o-M

Essar Steel sourced 0.41 MnT iron ore in Sep'18 from Odisha's merchant mines, up 26% as compared to 0.33 MnT a month before.

SteelMint has learned from the sources, that those merchant miners were heard offering discounts over increased offers to stimulate buying interest.

Out of the total iron ore sourced from Odisha in Sep'18, largest share was contributed by Serajuddin at 0.20 MnT (up 24% M-o-M) followed by Indrani Patnaik at 0.09 MnT (up 77% on monthly basis) and KJS Ahluwalia at 0.06 MnT (down 17% M-o-M)

Essar Steel imports dip marginally on monthly basis

Essar Steel's iron ore and pellet imports witnessed at 0.058 MnT in Sep, down 4% on monthly basis.

All the imports from Bahrain observed for the month were pellets.

Essar Steel lenders choose Arcelor Mittal as Highest Bidder

According to the latest update in Essar Steel's long-standing bankruptcy case, company's Committee of Creditors (CoC) has chosen Arcelor Mittal (AM) as the preferred bidder for the insolvent asset ahead of its key competitor Numetal and other contender Vedanta Group. However, the final bid price will be negotiated over the weeks to come.