Iron Ore

NMDC Group achieves net profit of AED 2.2 bn in first 9 months of 2024

The strong performance for the nine-month period ending September 30 2024 was underpinned by a healthy project pipeline

Govt asks major steel companies to use iron ore fines also for steel making

To increase the usage of available raw materials, the Ministry of Steel has directed integrated steel players to make use of iron ore fines in steel making after its beneficiation. As per sources, the ministry has also suggested that players look at options like acquiring coking coal mines abroad. This is aimed at increasing the availability of raw materials at competitive prices, they said. "It has been conveyed to them that iron reserves are limited in the country and to preserve that, players must also use low grade ore through beneficiation process. They can also look for coking coal mines outside India," the sources said. Iron ore and coking coal are the two key raw materials used for manufacturing steel through blast furnace route. While iron ore is available in abundance, for coking coal, India remains heavily dependent on imports. Major players use only high grade ore (lumps), with 65 per cent and above iron content, to make steel through BF (blast furnace). Fines are low

India's iron ore output rises 7.4% to 116 million tonnes in April-August

The production of iron ore and manganese ore witnessed a growth during the April-August period of the ongoing fiscal. The output of iron ore rose by 7.4 per cent to 116 million tonnes (MT) during the said period compared to 108 MT registered in the corresponding period of previous fiscal, according to a provisional data released by the mines ministry. The production of manganese ore jumped by 15.4 per cent to 1.5 MT during the April-August period as compared to 1.3 MT in the previous financial year, the ministry said in a statement. Iron ore accounts for about 70 per cent of the total mineral production in terms of value. In the non-ferrous metal sector, primary aluminium production rose to 17.49 lakh tonnes (LT) during April-August from 17.26 LT in the year-ago period. "During the same comparative period, refined copper production has grown by 5.8 per cent from 1.91 LT to 2.02 LT," the ministry said. India is the second largest aluminium producer, among top 10 producer of refine

NMDC's best results as iron ore output up 10% in FY24; sales rise 16%: CMD

NMDC posted "best-ever yearly performance" in FY24 with iron ore production rising 10 per cent to cross 45 million tonnes and sales going up 16 per cent to touch 44.48 million tonnes mark, the company's CMD Amitava Mukherjee said on Tuesday. The nation has witnessed strong growth of 7 per cent year-on-year in iron ore output, with production increasing from 257 million tonnes in FY23 to an impressive 275 million tonnes in FY24, the CMD said while addressing NMDC's 66th Annual General Meeting (AGM). "I am delighted to share that NMDC has played a significant role in this achievement, securing a commendable 16 per cent market share. FY24, NMDC registered its best ever yearly physical performance as it produced 45.02 million tonnes and sold 44.48 million tonnes of iron ore," he said. The company recorded a 10 per cent growth in production and 16 per cent growth in sales compared to FY23 volumes, Mukherjee said. The performance translated into a strong financial performance earning a .

NMDC reports 9.9% drop in iron ore production at 3.07 mn tonnes in August

Country's largest iron ore miner NMDC on Monday reported a 9.9 per cent drop in production of iron ore at 3.07 million tonnes (MT) in August. The company had produced 3.41 MT of iron ore in the corresponding month of the previous fiscal, NMDC said in a regulatory filing. The company's sales also declined to 3.14 million tonnes in August this year, from 3.54 MT in the corresponding month of previous fiscal. The company's cumulative iron ore output fell to 14.43 MT in April-August 2024, from 16.56 MT in the year-ago period. Sales dropped to 16.27 MT in April-August period, from 17.43 MT in the corresponding period of previous fiscal.

Vedanta reports rise in production of aluminium, iron ore, zinc in Q1

Mining giant Vedanta Ltd on Wednesday reported a rise in production of aluminium, zinc, iron ore and steel in the June quarter. However, the production of mined metal at overseas and oil and gas dropped during the quarter. In a filing to the BSE, the company said the aluminium output grew 3 per cent to 5,96,000 tonnes in the first quarter over the year-ago period, Vedanta said in a filing to BSE. At Zinc India, the saleable metal output grew to 2,62,000 tonnes over 2,60,000 tones. While at Zinc International the mined metal output dropped to 38,000 tonnes, over 68,000 tonnes in the first quarter of FY24. Meanwhile, oil and gas output dropped 17 per cent to 112,400 average daily gross operated production (boepd) during the quarter from 134,900 boepd a year earlier. The production of saleable iron ore rose to 1.3 million tonnes over 1.2 million tonnes in the year-ago period. The total saleable steel production rose 10 per cent to 3,56,000 tonnes and power sales rose 13 per cent to

Production of iron ore increases 4% to 26 million tonnes in April

The production of iron ore increased 4 per cent to 26 million tonnes (MT) and the output of limestone also went up marginally by 2.1 per cent to 39.3 million tonnes in April. Iron ore and limestone together account for about 80 per cent of the total mineral production by value. In the first month of 2024-25, there is a steady increase in the production of these minerals as compared to the production in the corresponding month last year, the mines ministry said in a statement. Production of iron ore has increased from 25 million tonnes during April 2023 to 26 million tonnes during April 2024, registering a growth of 4 per cent. Production of limestone has increased from 38.5 MT during April 2023 to 39.3 MT in April 2024. The production of aluminium during April rose 1 per cent to 3.42 lakh tonnes (LT) over 3.39 LT production during April last fiscal. "Continued growth in production of iron ore and limestone in the current financial year reflects the robust demand conditions in the

NMDC falls 2% on weak Q4 performance; Rs 7.25 dividend announced in FY24

The state-owned company's profit plunged 37.8 per cent to Rs 1,412.7 crore in the March quarter of financial year 2024 (Q4FY24), from Rs 2,271.5 crore in Q4FY23

China's 2024 iron ore imports seen to be around 1.17-1.18 bn metric tons

China's iron ore imports in the first quarter of 2024 totalled 310.13 million tons, up 5.5 per cent from a year earlier, customs data showed

Mining sector expands by 7.5% in FY24, iron ore production up 7.4%

India's mining sector grew by 7.5 per cent in FY24, with production of iron ore and limestone recording high growth during the year, an official statement said on Friday. For the month of March, the index of mineral production was 1.2 per cent higher year-on-year at 156.1. Production of iron ore was at 277 million metric tonne (MMT) in 2023-24 against 258 MMT in 2022-23, registering a growth of 7.4 per cent. "Showing a similar trend, limestone production has also surpassed the production record of 406.5 MMT achieved in FY 2022-23, increasing by 10.7 per cent to 450 MMT in FY 2023-24," the statement said. The production growth of iron ore and limestone reflects the robust demand conditions in the user industries viz. steel and cement. Coupled with the high growth in aluminium, these growth trends point towards strong economic activity in user sectors such as energy, infrastructure, construction, automotive and machinery. In the non-ferrous metal sector, the production of primary .

Govt unlikely to impose export curbs on low-grade iron ore, says report

China typically accounts for more than 90% of overall shipments of iron ore from India which is the world's fourth-largest producer of the steel-making ingredient

Chhattisgarh's NMDC iron production rises 11%, sales surge 16% in FY24

Compared to the previous year's 29.04 MT, the production at the Chhattisgarh units jumped 11.67 per cent. The Dolimalai mine produced 12.67 MT of iron ore, up 7.56 per cent Y-o-Y

Govt proposes national iron ore exchange to tackle price anomalies: Report

The proposed exchange would record real-time transactions and physical delivery of iron ore, the document said

Jindal Steel & Power takes on ops at Venezuela's largest iron-ore mill

Jindal officials are carrying out inspections at iron-ore plants of CVG Ferrominera Orinoco, according to two people familiar with the process, who asked not to be named as information isn't public

Sponge iron producers urge govt to impose duties to curb iron ore exports

India, the world's biggest sponge iron producer, has about 336 sponge iron plants spread across the country

Raj govt expects to attract investment with e-auction of iron ore blocks

Rajasthan is one of the richest states in terms of availability and variety of minerals in the country, producing over 57 different minerals

Scaling up to meet domestic demand, no plans to export to China: NMDC

Reuters reported on Wednesday that the federal government had turned down a request from the company to export iron ore to China

CCI study on mining sector flags iron ore varied pricing, export issues

The differential pricing of iron ore is likely to create competition concerns and exports of iron ore should also be discouraged, according to a study by fair trade regulator CCI. To ensure fair markets, the competition watchdog initiated a focused study on the mining sector, specifically iron ore in India, and its interconnected industries like steel. The goal was to assess the competition perspective and determine if the iron ore market is functioning appropriately within the broader economic landscape. In its market study on 'Dynamics of Competition in the Mining Sector in India With A Focus On Iron Ore', CCI has also flagged possible issues, with the pricing of iron ore from captive mines. "The allocation of captive mines to some players creates entry barriers in the iron ore and steel sector as entry and successful operation becomes costly for new firms," the Competition Commission of India (CCI) said in a release. As per the study, the differential pricing of iron ore for ..

Differential pricing of iron ore likely to create competition concerns: CCI

The differential pricing of iron ore is likely to create competition concerns and exports of iron ore should also be discouraged, according to a study by fair trade regulator CCI. In its market study on 'Dynamics of Competition in the Mining Sector in India With A Focus On Iron Ore', the watchdog has also flagged possible issues with pricing of iron ore from captive mines. "The allocation of captive mines to some players creates entry barriers in the iron ore and steel sector as entry and successful operation becomes costly for new firms," the Competition Commission of India (CCI) said in a release. As per the study, the differential pricing of iron ore for different end users is likely to create competition concerns. The amendments in mining law in 2021 have allowed the captive mines to sell up to 50 per cent of surplus iron ore in the open market which is likely to boost the supply of iron ore in the market, the study said. However, it noted that when a captive mine sells its ..

Centre plans to tweak iron ore sale price formula in India: Report

"Any reduction in the average sale price of iron ore through unscrupulous means will impact the revenue accruing to the govt on account of auction premium, royalty," the report said citing govt note