India: JSW Steel Booked 20,000 MT Iron Ore Fines from OMC's Daitari Mines
As per sources report to SteelMint, JSW Steel booked 20,000 MT iron ore fines (Fe 64-62%) from Daitari mines in OMC e-auction conducted today (14th May'19) . The company has booked iron ore fines at base price of INR 2,450/MT (inclusive of Royalty).
The total quantity put under auction was 430,000 MT iron ore fines. The material was from Gandhamardan, Daitari, and Koira mines. Traders were restricted to take part in this auction.
According to market sources report to SteelMint, out of the total quantity of 430,000 MT, nearly 71% of material (304,000MT) was booked while 126,000 MT remained unsold. The bid prices for the material remained in line with the set base prices for all the three mines.
As per sources, most of the material from Gandhmardan and Koira mines received bids. Gandhmardan mines fetched bids for about 147,000 MT fines and Koira mines sold about 114,000 MT (88% of total Koira fines). However, only 43,000 MT of material from Daitari was booked while remaining 107,000 MT remained unsold.
As per sources, the steel makers preferred purchasing at lower end amid logistic issues associated with rake movement and high prices for road ways movement.
Odisha Mining Corporation (OMC) has achieved an increase in its iron ore production for FY'19 by 32% to 10.47 MnT as against 7.92 MnT in last fiscal year FY'18.
OMC is all set with iron ore production ramp-up plans for coming years to make up for expected supply disruption after March 2020 following lease expiry. OMC is planning to achieve 20 MnT iron ore output by FY21.
source: SteelMint
Top News
Six last month
Two last year
China, Indonesia seal $10 billion in deals focused on green energy and tech
Copper price, stocks are being hammered as Trump tariff, China worries mount
Codelco copper production rises in September, Escondida dips
Suitors circle American Eagle Gold as South32 takes 19.9% stake
Top gold ETF sees largest weekly outflow since 2022 on Trump win
US judge narrows investor lawsuit against Rio Tinto over Mongolian mine
Japan, Peru to agree on cooperation in mineral mining technology
MinRes halts Bald Hill mine amid lithium price rout
Ahead of Rio Tinto buyout, Arcadium’s profit dips on sliding lithium prices
Families gather at South African mine shaft where hundreds are feared stuck underground
Soaring demand for copper will help drive mergers, BHP CEO says
Gold price faces worst week since 2021 as Fed signals no rate-cut rush
Lithium in nascent rebound, but long-term outlook is bleak
Higher silver supply to reduce global deficit by 4% in 2024
Swapping aluminum for copper will maintain China’s resources, group says
MinRes halts Bald Hill mine amid lithium price rout
Suitors circle American Eagle Gold as South32 takes 19.9% stake
Zimbabwe to end tax relief for miners to spur mineral processing
Australian iron ore giants’ shares sink on disappointing China stimulus
Families gather at South African mine shaft where hundreds are feared stuck underground
Soaring demand for copper will help drive mergers, BHP CEO says
Gold price faces worst week since 2021 as Fed signals no rate-cut rush
Higher silver supply to reduce global deficit by 4% in 2024
Swapping aluminum for copper will maintain China’s resources, group says
MinRes halts Bald Hill mine amid lithium price rout
Suitors circle American Eagle Gold as South32 takes 19.9% stake
Zimbabwe to end tax relief for miners to spur mineral processing
Australian iron ore giants’ shares sink on disappointing China stimulus