Chinese iron ore import volumes surged higher by over 15% in November this year to 105.6 MT as compared with the imports during the previous month. The number of Chinese companies importing iron ore increased to 545 in November as against 527 importing companies in October. The share of iron ore imports from Australia and Brazil, increased from 84% in October to 86% in November. (Source - Shanghai Metal Market)
Stanmore Coal, the Australian miner that earlier this year purchased an unwanted and mothballed coal mine from Vale and Sumitomo, is ready to reopen it by April next year. The Isaac Plains coking coal mine in central North Queensland, which Stanmore bought for just $1, was closed down last year as the owners said it was no longer viable in light of weak coal prices. The deal paves the way for the production of 1.1 MT of coking coal a year. (Source – Mining)
Iron ore prices are set to end down for a third straight year in 2015. It could fall below US$ 30/T in the next few months, forcing more high-cost suppliers out of business. As per Macquarie 2017 could be "the worst year for iron ore", with iron ore producers ramping up the production. As per analysts, iron ore price could go down below US$ 30/T in the next 6 months. (Source – Steelonthenet)
India’s Steel Ministry has moved a proposal to allow Paradip port in Odisha as the single-point entry for all steel imports in the country in a bid to check in-bound shipments of sub-standard products. The move is also dictated by the Ministry's plan to de-congest the Jawaharlal National Port Trust (JNPT), Mumbai, which mainly handles steel imports. Paradip with an annual cargo-handling capacity of 108.50 MT and an evacuation capacity of more than 25 rakes in a day, can be an ideal location. (Source - Press Reports)
Lenders to Kolkata-based steel maker Ankit Metal and Power Ltd have decided to convert the company’s outstanding debt into majority equity and take control of the company under the strategic debt restructuring (SDR). The 14-member consortium of lenders to the company include SBI, IDBI Bank, Andhra Bank, Syndicate Bank and Indian Overseas Bank. As of 30 September, Ankit Metal’s total debt was Rs.1,207.93 crore. Ankit Metal was floated in 2005 as an integrated steel plant to produce 100,000 Tpa of rolled products comprising sponge iron, steel melting shop, billets and rolling mill, along with a 12.5 megawatt captive power plant. (Source – Press Reports)
Stanmore Coal, the Australian miner that earlier this year purchased an unwanted and mothballed coal mine from Vale and Sumitomo, is ready to reopen it by April next year. The Isaac Plains coking coal mine in central North Queensland, which Stanmore bought for just $1, was closed down last year as the owners said it was no longer viable in light of weak coal prices. The deal paves the way for the production of 1.1 MT of coking coal a year. (Source – Mining)
Iron ore prices are set to end down for a third straight year in 2015. It could fall below US$ 30/T in the next few months, forcing more high-cost suppliers out of business. As per Macquarie 2017 could be "the worst year for iron ore", with iron ore producers ramping up the production. As per analysts, iron ore price could go down below US$ 30/T in the next 6 months. (Source – Steelonthenet)
India’s Steel Ministry has moved a proposal to allow Paradip port in Odisha as the single-point entry for all steel imports in the country in a bid to check in-bound shipments of sub-standard products. The move is also dictated by the Ministry's plan to de-congest the Jawaharlal National Port Trust (JNPT), Mumbai, which mainly handles steel imports. Paradip with an annual cargo-handling capacity of 108.50 MT and an evacuation capacity of more than 25 rakes in a day, can be an ideal location. (Source - Press Reports)
Lenders to Kolkata-based steel maker Ankit Metal and Power Ltd have decided to convert the company’s outstanding debt into majority equity and take control of the company under the strategic debt restructuring (SDR). The 14-member consortium of lenders to the company include SBI, IDBI Bank, Andhra Bank, Syndicate Bank and Indian Overseas Bank. As of 30 September, Ankit Metal’s total debt was Rs.1,207.93 crore. Ankit Metal was floated in 2005 as an integrated steel plant to produce 100,000 Tpa of rolled products comprising sponge iron, steel melting shop, billets and rolling mill, along with a 12.5 megawatt captive power plant. (Source – Press Reports)
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