Neelachal Ispat may Shut Down Coke Oven Plant on Financial Crisis - Sources
Neelachal Ispat Nigam Ltd (NINL), a public sector steel entity and largest merchant supplier of steel-grade pig iron in India likely to shut down its 700,000 MTPA Coke oven plant on financial crisis, SteelMint learned from market participants.
Sources told SteelMint that NINL is struggling to “buy coking coal on its own to feed the plant” after Metals and Minerals Trading Corp. of India (MMTC) stopped supplying the raw material.
Sources mentioned that company has stocks which can only survive for one week.
Under an arrangement, MMTC buys raw material from the open market to feed the NINL plant at Kalinganagar, Odisha, and sells the finished products manufactured at the plant. For all buying and sales transactions, MMTC is entitled to a 3 percent commission.
Early this month, NINL had shut down its 1.1 MnT blast furnace on similar reasons.
MMTC and the Odisha government had announced plans to sell stake in what it calls a "loss-making" plant. MMTC is the largest stakeholder in NINL with an equity of 49.9 percent. The Odisha government owns 26 percent stake.
source: SteelMint
Top News
Six last month
Iran Alloy Steel Company intends to purchase 12 tons of ferrotungsten through public tender
Iran Alloy Steel Company intends to purchase 150 tons of Low-Carbon Ferro Manganese through public tender
Gold price faces worst week since 2021 as Fed signals no rate-cut rush
Gold loses some luster after Trump’s decisive win
Iron ore price flirts with key $100/t level on firm demand, China stimulus hopes
Hedge funds slash bullish wagers on gold over Trump election win
Resolute Mining says it will pay Mali $160 million in tax dispute
Families gather at South African mine shaft where hundreds are feared stuck underground
Higher silver supply to reduce global deficit by 4% in 2024
Sierra Leone woos miners to clean energy with $11 billion plan
Alrosa plans production cuts and staff reduction for 2025
Chile’s rare salt flat fish face threat from lithium mining project
Endeavour Silver raises $73m for Pitarrilla project
BHP to spend up to $14 billion on Chilean copper expansion
Chile’s rare salt flat fish faces threat from lithium mining project
British Columbia creates new mining ministry to tackle critical minerals amid doubts over capacity
China’s germanium, gallium ban could cost the US $3.4 billion
South Africa police standoff with illegal gold miners escalates
Iran Alloy Steel Company intends to purchase 150 tons of Low-Carbon Ferro Manganese through public tender
Iran Alloy Steel Company intends to purchase 12 tons of ferrotungsten through public tender
Iran Alloy Steel Company intends to purchase 150 tons of Low-Carbon Ferro Manganese through public tender
Sierra Leone woos miners to clean energy with $11 billion plan
Alrosa plans production cuts and staff reduction for 2025
Chile’s rare salt flat fish face threat from lithium mining project
Endeavour Silver raises $73m for Pitarrilla project
Chile’s rare salt flat fish faces threat from lithium mining project
British Columbia creates new mining ministry to tackle critical minerals amid doubts over capacity
Newmont sells Ontario gold mine to Orla for $850 million
