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
Five last month
Two last year
US Energy Dept finalizes $2.26bn loan for Lithium Americas’ Nevada mine
Abandoned copper mines embraced as fast track to boost output
Glencore posts lower metals output for first nine months, reiterates outlook
Mercuria eyes equity in African assets, new metals boss says
Solidcore to buy 55% stake in Kazakhstan’s Syrymbet tin deposit for $82.5m
Traders see gold as a surefire bet as coin-toss election looms
Gold price surge adds glitter to tarnished miners
Environmentalists sue over US approval of ioneer’s Nevada lithium mine
Gold price shows little reaction to jobs data
St Barbara raises $73m to fast-track Simberi sulphide production
Copper price sees biggest drop since May as Trump’s win boosts dollar
Sibanye agrees wage deal for its gold operations, union says
China’s industry ministry plans to step up lithium, cobalt, nickel exploration
Liberty Gold advances Black Pine project permitting
China zinc smelter group sets processing fees for Q1 2025
Brazil prepares to remove illegal Amazon gold miners from Munduruku land
Anglo American sells Australian coal JV stake for $1.1 billion
Solidcore to buy 55% stake in Kazakhstan’s Syrymbet tin deposit for $82.5m
Ecuador to reopen mining register for first time in over six years
St Barbara raises $73m to fast-track Simberi sulphide production
Copper price sees biggest drop since May as Trump’s win boosts dollar
Sibanye agrees wage deal for its gold operations, union says
China’s industry ministry plans to step up lithium, cobalt, nickel exploration
China zinc smelter group sets processing fees for Q1 2025
Brazil prepares to remove illegal Amazon gold miners from Munduruku land
Anglo American sells Australian coal JV stake for $1.1 billion
Solidcore to buy 55% stake in Kazakhstan’s Syrymbet tin deposit for $82.5m
Ecuador to reopen mining register for first time in over six years