Mining Industries Correspondent
Krishna's Feed
Aug 28, 2013

Tax-cut plan set to revive India’s iron ore exports

SINGAPORE/NEW DELHI, Aug 28 (Reuters) – India’s potential
tax cut on iron ore exports could double its shipments of the
steelmaking ingredient in the current year compared with
industry estimates, though volumes will be far off peaks hit
four years ago as mining bans in key states remain.

An export tax cut would mark a shift in India’s policy
towards iron ore, a raw material it has so much of but has opted
to conserve for its domestic steel industry.

Aug 23, 2013

Iran boosts iron exports to China, India as oil sales slump

NEW DELHI/LONDON, Aug 23 (Reuters) – Iran is raising its
exports of iron ore and iron products to China and India in an
attempt to replace at least a small part of the massive revenue
that has been lost due to sanctions on its oil sales.

While Iran’s oil exports have halved in the last few years
due to western sanctions over the country’s disputed nuclear
program, iron ore exports have grown by more than 60 percent
over the same period to an annual rate of about 25 million
tonnes, worth about $3 billion a year at current prices.

Aug 22, 2013

India readies to trim iron ore export duty as rupee stings

NEW DELHI, Aug 22 (Reuters) – India is likely to cut the
iron ore export duty to 20 percent from 30 percent to boost
shipments and help narrow its current account deficit,
government officials said, even though the steel ministry wants
to conserve it for local mills.

Asia’s third-largest economy is desperately looking for ways
to raise foreign currency inflows and arrest a steep fall in the
rupee, which has been hitting new lows nearly every
day.

Aug 14, 2013

Rupee’s fall gives a boost to steel exports

NEW DELHI (Reuters) – Steel Authority of India Ltd (SAIL.NS: Quote, Profile, Research), the country’s largest domestic steel producer, expects its exports to double this fiscal year as a weak rupee makes its products more competitive.

Steelmakers such as SAIL and Jindal Steel and Power Ltd (JNSP.NS: Quote, Profile, Research) have been looking to raise foreign sales to offset soft local demand, and SAIL’s chairman C.S. Verma said the fall in the rupee over the past few months has helped.

Aug 14, 2013

Rupee’s fall gives a boost to Indian steel exports

NEW DELHI, Aug 14 (Reuters) – Steel Authority of India Ltd
, the country’s largest domestic steel producer,
expects its exports to double this fiscal year as a weak rupee
makes its products more competitive.

Indian steelmakers such as SAIL and Jindal Steel and Power
Ltd have been looking to raise foreign sales to offset
soft local demand, and SAIL’s chairman C.S. Verma said the fall
in the rupee over the past few months has helped.

Aug 12, 2013

Stemcor’s Indian partner has first option on iron ore mine stake

NEW DELHI, Aug 12 (Reuters) – India’s Saraf family, which
has 23 percent of an iron ore mine owned by metals trader
Stemcor, would be given the first option on buying out the UK
firm if it decides to sell its majority stake, two sources close
to both the sides told Reuters.

Debt-laden Stemcor is exploring options for the mine and JSW
Steel, Jindal Steel and Power and Tata Steel
are some Indian steelmakers to have shown an interest
in it, according to executives at the companies.

Aug 12, 2013

Low-grade iron ore may help tackle steel headache

NEW DELHI (Reuters) – Indian steelmakers are making a big push to use locally mined low-grade iron ore fines that are usually exported, a move that could help the world’s No. 4 steel producing nation boost near-stagnant domestic output and cut imports of the alloy.

India’s steel imports rose 15 percent to an all-time high of 7.87 million tonnes, worth $6 billion, in the fiscal year to March 2013, as output of steelmaking raw material iron ore was slashed by production bans in key states.

Aug 12, 2013

Low-grade iron ore may help tackle India’s steel headache

NEW DELHI, Aug 12 (Reuters) – Indian steelmakers are making
a big push to use locally mined low-grade iron ore fines that
are usually exported, a move that could help the world’s No. 4
steel producing nation boost near-stagnant domestic output and
cut imports of the alloy.

India’s steel imports rose 15 percent to an all-time high of
7.87 million tonnes, worth $6 billion, in the fiscal year to
March 2013, as output of steelmaking raw material iron ore was
slashed by production bans in key states.

Aug 7, 2013

India relaxes steel import standards

NEW DELHI, Aug 7 (Reuters) – India said on Wednesday some
steel products can be imported for certain critical applications
without local quality certification, a move that could further
hit domestic suppliers after imports rose 15 percent last fiscal
year.

Imports into India, the world’s fourth-largest producer,
rose to 7.87 million tonnes, worth $6 billion, in the year ended
March 2013 as mills operated below capacity due to a shortage of
iron ore. Japan, South Korea and China are the top exporters.

Jul 31, 2013

Mines ministry seeks cut in iron ore export duty

NEW DELHI (Reuters) – India’s mines ministry is seeking a cut in the iron ore export duty after a sharp fall in overseas shipments, days after the prime minister spoke about increasing exports to tame the country’s current account deficit.

India was once the third-largest exporter of the steelmaking raw material, but shipments plunged more than 80 percent in three years to hit 18 million tonnes last fiscal year. The lower exports have helped cushion global iron ore prices.

    • About Krishna

      "I have been covering India's metals and mining industries from New Delhi since April Fool’s Day, 2013. Before that I led two teams of reporters covering small-and-medium-sized U.S./Canada-listed energy and resources companies. I have closely followed the solar and shipping industries and love to write on cricket whenever I can."
      Joined Reuters:
      August, 2009
      Languages:
      Assamese
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