Eurobench.com

voda 2 mei 2017 17:09

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AISI update on Raw Steel Production in US in Week 17

In the week ending on April 29, 2017, domestic raw steel production was 1,750,000 net tons while the capability utilization rate was 75.1 percent. Production was 1,698,000 net tons in the week ending April 29, 2016 while the capability utilization then was 72.6 percent.

Source : Strategic Research Institute

voda 2 mei 2017 17:09

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US steel probe breaches fair trade principles - CISA

Xinhua reported that China’s steel industry group has voiced concern over the US probe on steel imports, saying the move sends a signal of protectionism and is against the principles of fair trade. The announcement by China Iron and Steel Association came in response to US President Donald Trump’s call for the initiation of a trade probe on steel imports on national security grounds last week.

CISA said in a statement “China’s steel exports to the US are quite limited, which absolutely won’t affect the security of the US steel industry. US steel imports mainly came from other countries, not China.”

The statement stressed that both China and the US were facing industrial overcapacity in the global market.

In 2016, China exported 1.17 million tonnes of steel to the United States, accounting for only 1% of China’s total exports of the metal. Data from the US showed it imported 789,000 tons of steel from China, or just 2.6% of the country’s imports of thesteel.

Xinhua

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voda 2 mei 2017 17:12

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Morgan Stanley struggling to understand US Steel results

Published on Tue, 02 May 2017

Market Insider reported that shares of US Steel are getting obliterated Wednesday, losing a quarter of their value after whiffing on earnings and delivering disappointing guidance. US Steel declared a USD 0.83 per share loss that was far below analysts' expectations for positive earnings of USD 0.35 per share. Additionally, the company missed on revenues, generating USD 2.73 billion versus expectations of USD 2.95 billion.

The enormous miss has some on Wall Street dumbfounded. Morgan Stanley analyst Evan L. Kurtz said in a note to clients after the April 26 earnings statement that he had two major questions for the company. Mr Kurtz said that "An accounting change moved USD 175 mn from opex to capex, so the cut was closer to USD 375 mn. Furthermore, HRC is about USD 15/t higher from last quarter and tubular has improved, both of which should have moved guidance higher. So in essence, the guidance cut was more than USD 400 mn."

Mr Kurtz said that US Steel attributed the guidance cut to its "asset revitalization plan," but with capital expenditures only expected to be up USD 150 million, the analyst said he can't make sense of the guidance cut and needs more clarity from management.

In addition, Kurtz said he is "struggling to understand how costs moved up so much."

Source : Market Insider

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voda 2 mei 2017 17:15

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Desktop Metal 3D Printer can print aluminium, steel & titanium structures

Desktop Metal, is introducing two new systems that will make the technology more accessible to engineers. Called the DM Studio and DM Production, the two new 3D printers promise to deliver ever step in the metal printing process, right from prototyping to mass production. The two systems can custom objects out of various alloys, including steel, aluminium, copper, and titanium.

In addition, where most previous metal 3D printers have been somewhat complex, Desktop Metal’s new systems use something called “microwave enhanced sintering”, which makes the process as straightforward as printing in plastic. This means that the printers are not only easier to use, they also help you save on manpower as they don’t need someone paying attention after a job has been designated.

Mr Ric Fulop Desktop Metal CEO told Digital Trends that “The DM Studio System was designed to bring metal 3D printing to the shop floor by allowing engineering and design teams to make complex metal parts faster, without the need for special facilities or dedicated operators. We expect a number of industries to be interested in a Studio system, including automotive, manufacturing, and consumer products. It is ideal for prototyping and low volume metal 3D printing needs.”

Meanwhile, the DM Production System is capable of outputting at high volume, capable of producing 8,200 cubic centimeters of metal objects every hour To be clear, that’s 100 times faster than previous metal 3D printers.

Of course, despite its suggested accessibility, this isn’t your average home appliance. The DM Studio starts at USD 49,900 (just over INR 32 lakh), with the full printer, debinder, and furnace combo for USD 120,000. The DM Production meanwhile is priced at USD 420,000 to purchase. Both will be available for pre-order in May, with shipping to begin in September for the Studio System and early 2018 for the Production System.

Source : India Times

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voda 2 mei 2017 17:19

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Philippines announces ban on new open-pit mines

DW reported that Philippines' Environment Secretary Regina Lopez has announced a ban on new open-pit mining ventures. The move comes following a months-long crackdown on the industry.

In February, Ms Lopez ordered the permanent closure of 22 of the country's 41 operating open-pit mines, and the cancellation of 73 contracts for ventures still in exploratory phases.

Ms Lopez told a media briefing on Thursday the ban is based on extensive environmental damage as well as economic drawbacks. She said that "Each open pit is a financial liability for government for life. It kills the economic potential of the place."

She later said that existing mine pits would still be allowed to operate.

The environmentalist-turned-government minister is expected to face a confirmation hearing before congress this week that could see her removed from her post, following a surge of complaints from pro-mining groups that argue her actions are illegal.

Philippines has some of the world's largest deposits of nickel and copper, but most have remained untapped due to a combination of poor management, population density and environmental concerns.

The country is estimated to be second only to South Africa for its average gold reserves per kilometer.

Ms Lopez has broad support from environmental groups and the church, and President Rodrigo Duterte backed her February order to shut down existing mines. But the Philippines Chamber of Mines criticized today's order as "absurd."

Philippines Chamber of Mines spokesperson Ronald Recidoro said that "She is essentially banning the mining of shallow ore deposits that can only be extracted using open-pit mining.” He further added that "Gina Lopez cannot add or deduct from the law by herself. It needs amending legislation from Congress."

Speaking in front of footage of abandoned open-pit mines and their environmental consequences at Thursday's press conference, Lopez said that "It's the mandate of the mining law that you should not do anything which puts at risk the lives of future and present generations."

Source : DW

voda 2 mei 2017 17:19

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Iron ore output hits new high in Odisha

Express News Service reported that even as revenue earning from the mining sector has crashed to below INR 5000 crore mark, iron ore production in Odisha has reached a record high of 102.66 million tonne in 2016-17 with the State registering a growth of about 27%. Improving its own production rate of 80.8 million tonne in 2015-16, the State has crossed the 100 MT benchmark set for the last fiscal.

The State has also set another record by dispatching 120.11 million tonne of iron ore as against its target of 110 million tonne. Ore despatch in the last fiscal was 81.66 million tonne.

Minister of State for Steel and Mines Prafula Mallick told this paper that
“Miners (both merchant and captive) of Odisha were able to better their performance because of pro-active action of the State Government by timely extending validity of mining leases after enactment of the amended Mines and Minerals Development and Regulation (MMDR) Act.”

He said that besides, increased mechanisation for excavation is another factor for the improved production level.

The State Government has already extended the validity of 74 mines before January 11, 2017, the last date for execution of lease in favour of mines waiting for lease extension as per the amended MMDR Act.

The minister said that “More mines are expected to restart operations this year. We are hopeful that iron ore production can touch 120 MT, the target set for 2017-18, if all the mines meet the production level as per their mining plans.”

The State has retained the top slot in iron ore production in the country despite a sluggish market and low price for the ore in international market.

The Minister said the State performed better in overall production and despatch of mineral in last financial year. It recorded a total production of minerals of 264.84 MT in 2016-17 compared to 239.45 million tonnes in 2015-16.

Odisha is a leading producer of iron, steel, ferro-alloy and aluminium and has a strong base for coal-based power generation.

The mining sector which drives the State’s economy that witnessed high growth between 2004-05 and 2015-16, was able to generate a revenue of Rs 4,500 crore against a target of Rs 6,500 crore. It is a substantial fall as compared to 2015-16 when the revenue collection from the sector was Rs 5,400 crore. A sharp drop in demand of iron ore and low prices in international markets are the reasons for decline in the income.

Source : Express News Service

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voda 2 mei 2017 17:21

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LKAB reports higher iron ore price strengthens earnings

The year has started positively for LKAB with an increased production volume and operating profit for the first quarter. The cost efficiency programmes implemented in recent years have strengthened LKAB’s competitiveness, while at the same time iron ore prices have risen. During the quarter the spot price (1) for iron ore was traded at the highest price level since autumn 2014 and demand for upgraded iron ore products remains good.

The operating profit for the first quarter amounted to MSEK 1,710 (171) and net sales to MSEK 5,541 (3,768). It is mainly higher market prices for iron ore and stronger US dollar exchange rates that had a positive effect, while previous hedging had an opposite effect. Improved profits, lower capital expenditures for investments and a reduction in capital tied up also improved operating cash flow, which amounted to MSEK 1,571 (-1,978) for the quarter.

The production volume amounted to 7.2 (6.9) Mt and deliveries were 6.6 (6.3) Mt for the first quarter. This means that production increased by four percent and delivery volumes by five percent compared with the same period the previous year. The strategy of maximizing pellet production remains in place and of the deliveries, 86 percent were iron ore pellets.

Demand for pellets from LKAB’s customers is higher than contracted due to continued poor supply of high-quality pellets on the market. Quoted pellet price premiums increased and remained stable during the beginning of the year.

The global spot price (1) for iron ore products increased during the quarter, peaking at USD 95/tonne in February. The average price was USD 86/tonne. This is USD 15/tonne higher than listed in the fourth quarter of 2016.

Mr Jan Moström, LKAB’s President and CEO said that “The global iron ore price has increased compared to the pressured market situation at the beginning of last year. We have strengthened our operational capacity, production is stable and the focus is now on continuing to increase our volumes within the framework of the investments already made. The foundation has been laid for a stronger and more sustainable LKAB, and even if the price situation worsens in the future, we are cautiously optimistic.”

LKAB’s commitment to and responsibility for the urban transformations in the mining communities, which are essential for securing continued mining, remain unchanged. During the quarter a number of major acquisitions of real estate were made in the municipalities of both Kiruna and Gällivare, as part of the work to secure access to land for our mining. In Malmberget, more detailed plans have been announced since it is clear that our mining will affect a larger area and that this will occur faster than previously announced.

Source : Strategic Research Institute

voda 2 mei 2017 17:24

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Vale iron ore Pellets production update

Published on Tue, 02 May 2017

Vale’s pellet production totaled 12.4 million tonne in 1Q17, 1.6% lower than in 4Q16 due to scheduled maintenance stoppages in Tubarao 8 and Oman, and 4.1% higher than in 1Q16 mainly as a result of productivity gains in both systems in Brazil, and the 30-day maintenance stoppage in the Oman plant in January of 2016.

Vale is executing its project to re-start the Sao Luis pellet plant with its start-up envisioned for the first half of 2018 after the renewal of its operational license, the revamp of the plant and the upgrade of its automation system.

Southeastern system
The Tubarao pellet plants – Tubarao 3, 4, 5, 6, 7 and 8 – reached a production of 7.5 million tonne in 1Q17, in line with 4Q16, and 4.1% higher than in 1Q16 mainly due to the better operational performance in plants 3 to 7.

Southern system
The Fabrica pellet plant achieved a production level of 0.9 million tonne in 1Q17, in line with 4Q16 and 1Q16.

The Vargem Grande pellet plant reached 1.6 million tonne of production in 1Q17, in line with 4Q16, and 10.7% higher than in 1Q16, as a result of higher availability of pellet feed and better operational performance at the plant.

Oman operations
The Oman pellet plant reached 2.4 million tonne in 1Q17, 3.7% lower than in 4Q16 due to 10-day scheduled maintenance stoppages in the plant in 1Q17 and 22.6% higher than in 1Q16 due to higher productivity and the 30-day maintenance stoppage that occurred in January 2016.

Source : Strategic Research Institute

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voda 2 mei 2017 17:28

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Vale iron ore production update

Published on Tue, 02 May 2017

Vale’s iron ore production reached a record for a first quarter of 86.2 million tonne in 1Q17, 8.6 million tonne higher than in 1Q16 mainly due to the ramp-up of the S11D and Itabiritos projects in the Southeastern System. Production was 6.2 million tonne lower than in 4Q16 due to usual weather-related seasonality in the first quarter of the year, which affected mainly the performance of the Northern System.

The production guidance for 2017 remains within the 360-380 million tonne range as previously announced and from the end of 2018 onwards Vale will most likely achieve the long-term base case target of 400 million tonne, as per Vale’s presentation at the December 2016 “Vale Day”.

Vale’s Global Recovery (GR)2 increased from 44% in 1Q15 to 49% in 1Q16 and to 51% in 1Q17, as a result of the continuing increase in operational productivity over the past few years.

Iron ore and pellets shipments from Brazil and Argentina totaled 77.7 million tonne in 1Q17, 12.0 million tonne and 6.1 million tonne higher than in 1Q15 and 1Q16, respectively, mainly due to higher production in the Northern and Southeastern Systems.

Blended volumes in Asia totaled 12.4 million tonne in 1Q17, 10.3 million tonne and 6.5 million tonne higher than in 1Q15 and 1Q16, respectively, as a result of the ongoing strategy to bring more flexibility to the integrated supply chain by increasing offshore blending capacity, enabling rapid responses to changes in market conditions.

The share of offshore inventories over total inventories increased from 15% in 2015 and 2016 to 23% in 1Q17, reflecting the ongoing strategy to shift inventories downstream along the supply chain. By the end of 2017, we expect to have 30% of our total inventories offshore. The ongoing offshore blending activities require the build-up of offshore inventories and, as a result, temporarily leads to lower sales volumes when compared to shipment volumes from Brazil.

The average Fe content was 63.9% in 1Q17, remaining in line with the average grade achieved in 4Q16.

Northern System
The Northern System, which comprises Carajás, Serra Leste and S11D, achieved a record for a first quarter of 36.0 million tonne in 1Q17, 11.1% higher than in 1Q16 as a result of the S11D ramp-up, which is advancing according to plan. Production was 11.4% lower than in 4Q16 due to the usual weather-related seasonality in 1Q17.

Southeastern System
The Southeastern System, which encompasses the Itabira, Minas Centrais and Mariana mining hubs, produced 28.2 million tonne in 1Q17, 0.4 million tonne higher than in 4Q16 due to the better operational performance of the dry beneficiation process in Alegria and the higher production in Conceição Itabiritos II, as its ramp-up was concluded in 1Q17. Production in 1Q17 was 5.6 million tonne higher than in 1Q16 due to the start-up of a crushing facility at the Fazendão mine and the other above- mentioned positive events from 4Q16 vs. 1Q17.

Southern System
The Southern System, which encompasses the Paraopeba, Vargem Grande and Minas Itabirito mining hubs, produced 21.5 million tonne in 1Q17, 8.2% lower than in 4Q16 mainly due to stoppages in the Minas Itabirito complex to allow for the shift in beneficiation from wet to dry processing. Production was 2.4% lower than in 1Q16 due to quality of ROM being mined at current mine faces in the Vargem Grande mining hub.

Midwestern System
The Midwestern System, which encompasses the Urucum and the Corumbá mines, produced 0.6 million tonne in 1Q17, remaining in line with 4Q16 and 1Q16, as a result of Vale’s continuing strategy to optimize margins.

Source : Strategic Research Institute

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voda 2 mei 2017 17:29

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Iron ore mine at Koolan Island to reopen after $100 million seawall rebuild

Miner Mount Gibson Iron has announced it will spend nearly $100 million rebuilding a collapsed seawall in order to restart production at the remote Koolan Island mine. The news has been welcomed in the West Kimberley, where hundreds of jobs have been lost in recent years due to a string of mine closures.

Mount Gibson chief executive Jim Beyer said the company had decided the cost of rebuilding the wall was worthwhile. He said "It's a very high-grade operation and very exciting for us. It is a lot of work and nothing of value comes cheap as they say ... but in this particular case, we have been able to keep the restart costs of the island mine under $100 million. It has a very low cost on a per-unit basis, and the other exceptional thing about it is very high-grade ore, so it gets a premium well above the spot iron ore price, which is also great news."

The junior miner secured an $86 million insurance payout after the island's seawall collapsed in 2014, flooding the iron ore pit with seawater.

Production was immediately halted and about 300 workers were laid off.

The rebuild will involve construction of a new seawall, this time built around a 467 metre cement seepage barrier.

It is expected the build will take about two years, with 80 jobs created initially, and 315 once production is up and running.

Jim Beyer said the drop in the iron ore price in recent weeks had not spooked the company. He said that "We're confident we have a good robust business here that once it starts producing, will produce for at least 3.5 years. That's for around 13 million tonnes of ore, and there's another 7 million tonnes we think we should be able to get, but we have not finished the geo-technical to get us the confidence that we can do that safely — we're expecting to finish that in the next 12 months."

Derby-West Kimberley Shire President Elsia Archer said it was great news, not just for the town of Derby. She said that "Hooray, at last. That's my first reaction, because it'll be really great for businesses in the region that have been hurting. Someone just sent me a text message saying 'Thank God',"

The island mine is 140 kilometres north of Derby, and when operating saw barges running daily from the town's wharf to deliver supplies, staff and fuel.

Ms Archer said the announcement was significant as it might create the passenger numbers needed to restart a local flight service to Perth, which was shut due to the mining downturn in early 2016.

She said the Koolan Island mine would likely be staffed by a mix of local and Perth-based workers. She added that "A lot of people from Broome and Derby and surrounds have worked out there in the past. It's not all fly-in, fly-out, but FIFO is actually good for us because it might give us the numbers needed for the commercial flights to restart."

Construction is due to begin on the new seawall in June.

Source : Strategic Research Institute

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voda 3 mei 2017 16:22

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Beursblik: winstgevendheid ArcelorMittal omhoog

Analisten voorzien hoger bedrijfsresultaat.

(ABM FN-Dow Jones) ArcelorMittal heeft in het eerste kwartaal van 2017 waarschijnlijk flink meer winst behaald. Dit bleek uit een woensdag door het staalbedrijf zelf gepubliceerde consensus waaraan 20 analisten bijdroegen.

Volgens de analisten behaalde ArcelorMittal in de eerste drie maanden van het jaar een bedrijfsresultaat (EBITDA) van 2.026 miljoen dollar. In dezelfde periode van 2016 kwam dit resultaat uit op 927 miljoen dollar. In het voorgaande vierde kwartaal van 2016 bedroeg de EBITDA 1.661 miljoen dollar.

Op een rood Damrak noteerde het aandeel ArcelorMittal 2,0 procent in het rood op 7,07 euro.

Door: ABM Financial News.

info@abmfn.nl

Redactie: +31(0)20 26 28 999

Copyright ABM Financial News. All rights reserved

(END) Dow Jones Newswires

voda 3 mei 2017 17:08

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SAIL plans to export 1.6 million tonne steel in 2017-18

Financial Express eported that buoyed by a three-fold rise in exports in 2016-17 over the previous fiscal year, state-run Steel Authority of India Limited is hoping to more than double its outward shipment to 1.6 million tonnesin the current fiscal year, which would roughly comprise 10% of its total production.

The company would target traditional markets such as Bangladesh, Nepal, Thailand and Sri Lanka apart form South Korea and Malaysia and countries in the EU like Italy and Spain, among others.

SAIL generally exports products like billets, plates, slabs, HR coils and stainless steel.

The FE report quoted a company source as saying that “Though exports are not a compulsion for the company, presence in the export markets always help to broaden horizon and ensure higher margins.”

It exported 720,000 tonne steel in 2016-17.

Source : Financial Express

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voda 3 mei 2017 17:12

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SC rejects Essar Steel plea seeking exemption from power dues in Gujarat

Business Standard reported that the Supreme Court on Tuesday rejected Essar Steel’s plea seeking exemption from payment of electricity dues to the Gujarat Government. A Bench of the apex court headed by Justice Arjan Kumar Sikri and also comprising Justice Ashok Bhushan, directed payment of IR 1,038 crore of electricity dues by Essar Steel to the Gujarat Government.

The Essar Steel has ready paid around INR 500 crore.

The state government had first refused Essar group's claims for duty exemption on electricity in 2003.

Essar has been seeking electricity duty exemption for its power plant set up at Hazira but the Gujarat government had rejected its demand, as it sold power to other entities.

The state government had first refused Essar group's claims for duty exemption on electricity in 2003. It had asked the company to pay more than Rs 1,000 crore that was allegedly due.

Essar group had then approached the Gujarat High Court which had last year asked the company to pay the electricity duty to the state government. It was also rejected by the Gujarat High Court.

Essar then challenged it before the Apex Court, which also rejected its plea

Source : Business Standard

voda 3 mei 2017 17:12

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US should punish importers of unfairly traded steel – Cliffs CEO

Bloomberg reported that Cliffs Natural Resources Inc wants the US government to widen its investigation of unfairly traded steel shipments from the exporters to the importers. Last month, President Donald Trump told the Commerce Department to expedite a study on whether steel imports are a US threat to national security. While China has long been considered a prime target, Cliffs Chief Executive Officer Lourenco Goncalves says the probe shouldn’t overlook the part played by domestic steel importers.

Mr Goncalves said last week that “There’s a missing portion in the entire supply chain that hasn’t been addressed yet: What about the recipients of this steel, the guys that play both sides?. At the same time they have a public speech supporting the trade cases and saying all the right things, under the radar and behind everybody’s back they are buying a lot of deducted steel and asking the middle man to bring more.”

Mr Goncalves, 59, said the government should even consider levying jail time, depending on the level of the threat to national security.

Source : Bloomberg

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voda 3 mei 2017 17:13

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Khorasan Steel Complex adds 700,000 tonnes crude steel capacity

Financial Tribune reported that Khorasan Steel Complex’s newly launched steel plant, with a crude steel output capacity of 700,000 tonnes per year, has doubled the steelmaker’s production capacity and made it join the ranks of Iranian mills with crude steel capacities exceeding 1 million tonnes. It also makes KSCO the largest steel complex in eastern Iran.

KSCO’s Managing Director Seyyed Hossein Ahmadi was quoted as saying that the plant was established at a cost of 7.2 trillion rials (USD 189.47 million). He said that “The construction of steel plant No. 2 first started in September 2010. It features a 110-ton electric arc furnace and a casting machine, among other machinery, about 30% of which are Italian and Chinese.”

The Italian Danieli group, one of the world’s largest suppliers of equipment and metal manufacturing plants, signed an agreement with KSCO back in 2016 to revamp the company’s EAF technology.

Khorasan Steel Company was established in 1989 by the giant Japanese steelmaker Kobe Steel in the northeastern part of Neishapur County in Khorasan Razavi Province. The complex is capable of producing 550,000 tonnes of structural steel, 630,000 tons of billets and 1.6 million tonnes of direct-reduced iron per year.

The company also has other ambitious expansion plans. Its 2.5 million-tonne per year pellet-making plant in Sangan Mineral Zone is set to become operational this year. It is also busy setting up an iron ore concentrate plant, with an additional capacity of 2.5 million tonnes per year.

Upon the completion of these projects, KSCO will be Iran’s first producer of the industrial material with the complete steel production chain at its disposal in one province.

Source : Financial Tribune

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voda 3 mei 2017 17:14

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Judges disclosed ruling before its was issued - US Steel Kosice

Spectator.sme reported that Košice-based steelworks complain that judges who issued the right of lien on their premises are biased. USSK, the Kosice based steelworks, claims that the information about the court ruling ordering a right of lien on its premises leaked from the court before it was officially published.

The courts have placed restrictions on the sale of USSK's property shortly before the factory is expected to change hands in a forthcoming deal with the Chinese owned Hesteel Group.

The Košice Regional Court issued a right of lien in relation to two thirds of the land owned by US Steel Košice in favour of an American shell company, Adams & Co. The Sme daily broke the news earlier in April.

The steelmaker's lawyers now claim that information about the issue of the right of lien leaked from the court before the senate issued its ruling. They wrote in their complaint that three judges of the senate, Vladimír Hríb, Janka Ko?išová, and Slávka Maruš?áková, who issued the ruling, were biased. The company alleges that the judges were the ones to leak the information, the Sme daily wrote on April 28.

"The information about the ruling before its actual issue can only have come from the judges," USSK wrote as quoted by the daily, adding that Slovak law does not allow court rulings to be leaked in advance.

Lawyer Andrej Leontiev of the Taylor-Wessing law firm told Sme that "It is absolutely unacceptable, nobody must know in advance how a court is going to decide.”

Neither USSK nor its attorney, Roman Kvasnica, commented on the case. The company has lodged an appeal against the right of lien with the Supreme Court.

Source : Spectator.sme

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voda 3 mei 2017 17:16

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NMDC gets green nod for Chattisgarh iron ore project

Press Trust Of India reported that state-run iron ore producer NMDC Ltd has received the green nod for setting up of INR 1,095 crore iron ore beneficiation plant at Dantewada district, Chhattisgarh. The company wants to set up the unit to produce iron ore concentrate (in slurry form) suitable for making pellets and transport the same through ‘slurry pipeline transporation system’ from Bacheli in Dantewada district to Nagarnar in Bastar district.

A senior government official told PTI that “NMDC had sought the environment clearance for both installation of Iron Ore Beneficiation Plant as well as for Slurry Pipeline System. However, the EC has been granted for setting up of a plant.”

The company plans to set up an iron ore beneficiation plant with an annual production capacity of 4 million tonnes. The official said the company has been asked to get a separate EC for the slurry pipeline since the forest clearance for it has not yet been obtained. Although the NMDC has got the first stage forest clearance for setting up of a plant, the Union Environment Ministry has said that the current EC for the plant is subject to final forest clearance.

Source : Press Trust Of India

voda 3 mei 2017 17:17

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Cliffs Natural Resources marks 170 years of mining

Cliffs Natural Resources Inc will ring The Closing Bell at the New York Stock Exchange on May 1, 2017. Mr Lourenco Goncalves Chairman, President and Chief Executive Officer of Cliffs, the company's board of directors and executive management team will participate in the event to celebrate the company's 170th year anniversary.

Mr Lourenco Goncalves, Cliffs' Chairman, President and Chief Executive Officer said that "I am very proud and honored to lead the largest and oldest mining company in the United States. For nearly two centuries, Cliffs has been instrumental in building and shaping our society by supplying the U.S. domestic steel industry with its most vital ingredient, iron ore. Today, we are commemorating and celebrating the achievements, ingenuity and hard work of our past and present employees."

Mr Goncalves continued that"Cliffs has a long history of navigating through the difficult times of a highly cyclical business. Despite steel industry consolidation and ownership changes, let alone wars and financial crises, the resilence of Cliffs and its people has led to times of profitable growth and great prosperity. Being in business for 170 years is a genuine testament to the resolve and vision of our predecessors who helped build Cliffs into the strong and resilient company it is today. Built on this strong heritage, we will carry this rich tradition forward to ensure Cliffs is a successful company for many more decades ahead."

Source : Strategic Research Institute

voda 3 mei 2017 17:18

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India directorate of mines to e-auction iron ore on May 4 and 5

Times Of India reported that the directorate of mines and geology has scheduled the 20th and 21st e-auction of 3.2 million tonnes of iron ore for May 4 and 5. In a notification issued on Friday, the directorate stated that it wouldn't entertain any complaints regarding the exact grade of the ore, as the e-auction would be held on an 'as is where is' basis.

It further stated that bidders can draw samples before the e-auction. The government has identified 3.2 million tonnes of ore at different sites, including Kotambi, Costi, MPT, Mina, Rivona and Pale.tnn

Source : Times Of India

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voda 3 mei 2017 17:19

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Traders expect Indian iron ore exports to reach 40 mn tonnes

Reuters reported that India’s iron ore export is expected to reach 40 million tonnes this year while mine production is set to touch 200 million tonnes, according to traders at an industry forum.

Last year’s iron ore exports were estimated between 25-30 million tonnes of mostly lower grade, between 52% and 58% FE content. Production in 2016 was at 185 million tonnes.

A regional trader who would not want to be quoted as saying that “We are seeing a significant increase in iron ore exports, going beyond 40 million tonnes this year as mines increase output. The production is expected to go above 200 million tonnes.”

Traders said iron ore prices were low in India, about USD 20 per tonne at pit head and USD 40 per tonne at ports, making it viable to export the mineral to major mills in China where current prices are around USD 67 per tonne. High prices, having peaked at USD 95.00 recently, makes it viable for India to export the ore, especially the higher grade with above 58% FE content, which is levied 30% export tax, said the traders at the Singapore Iron Ore Forum held.

India has imposed 30% export tax on iron ore with 58% and above FE content. An Asian trader dealing in China-India ore trade said that “We see West Coast export at $60 per tonne and East Coast at #70.” The difference is due to inland transportation costs between mines and the ports.

The traders said Chinese mills would want to increase higher grade Indian ore imports, especially that with more than 58% FE content. Most of Indian export to China is of 52% to 58% FE content ore which is blended and processed into steel. The forum yesterday was attended by 1,000 delegates and traders from the global iron ore sectors.

Source : Reuters

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