he Central Empowered Committee (CEC) informed the Supreme Court on Friday that mining operations in 63 iron ore leases falling in category B in Karnataka may be allowed to be resumed after fulfillment of certain conditions.
Senior advocate Shyam Divan, appointed amicus curiae in the case, told the forest bench headed by Justice Aftab Alam that the iron ore mines falling into category B can be allowed to resume quarrying activists after completion of the reclamation and rehabilitation (R&R) work and paying appropriate compensation for the massive ecological loss caused by them due to largescale illegal mining.
The CEC has recommended that the 63 category B leases, in the stateÃ¢â‚¬â„¢s Bellary, Chitradurga and Tumkur districts, must pay compensation at the rate of `5 crores per hectare of area under illegal mining pits and `1 crore per hectare of area under illegal mining over burden dumps, roads, offices, etc., outside the sanctioned area. The recommended amount is minimum base figure for compensation and the National Green Tribunal (NGT) or another appropriate authority can be approached for more compensation for environmental damage, the CEC report added.
The CEC has put the leases of the iron ore mines into A, B and C categories based on the level of illegalities and irregularities allegedly resorted by them.
Rising power prices in several states of India have threatened existence of induction furnace technology which contributes about 32% of production, said Tata Sponge official at a coal conference held in Delhi.
Power tariffs have gone up to 5-20% across India in last few months on rising cost of production, which has also weighed upon sponge iron demand, he further added.
On new norms implemented by steel ministry, he said induction furnaces have to install additional equipment to control phosphorus and sulphur to follow BIS norms (Bureau of Indian Standards).
Silico Manganese market remains dull with spot prices being stable at the current level. Demand remains slow for both silico manganese & high carbon ferro manganese. Bidding prices
released by major steel mills also decline further for October.
Baosteel released the purchasing price of high carbon
ferro chrome 50% for October at RMB7,100/t delivered with cash payment, down by
RMB150/t compared with September.
JISCO also adjusted the payment terms for high carbon
ferro chrome purchase for October to cash payment instead of acceptance draft in
order to maintain long-term relationship with suppliers and ease the cash flow
pressure for ferrochrome producers.
European silico manganese
prices remained unchanged after reporting a slight improvement two weeks ago, European sources saw no further uptick in demand
for the material and saw a flat pricing trend last week. The
mainstream price for European silico manganese 65/17 ranged between
EUR930-980/t DDP i.e. no change compared to the price seen last week.
Ã¢â‚¬Å“I think that end users are still buying hand-to-mouth, so
they bought the material for September and October consumption in the past two
weeks or so, and now having enough material and will not return to the market
until next month, said a Northern European trader.
The current price for European high carbon ferro chrome
62%min also ranged between USD0.93-0.98/lb Cr in warehouse Rotterdam i.e. unchanged compared to the price reported earlier.
Market for Silico manganese in Ukraine is facing pricing
pressure as demand remains weak. According to a exporter, “A recent tender of
Silico Manganese 70/16 was heard being concluded at $1150/MT. Moreover, 2-3
furnaces of a major manufacturing unit has been shut down. So, production level
is also low.”
Export market for Ferro
Alloys remained dull this week. No major deal was heard being concluded so far
and export offers remained unchanged at $1080-1100/MT for Silico Manganese 65/15.
According to a top
official from a major manufacturing company in West Bengal, “Market is not so
good. Weakening of Dollar has hit the market sentiments and No big deals are
heard in past 3 days. Indian Steel market is said to improve in the last
quarter of 2012. So we hope to see some improvement in trading activities by
end of October”.
According to another
official from a manufacturing company in Vizag, “Demand is not so high in both
domestic & export market. We have recently sold Silico Manganese 60/14 at
$1085 (CIF Nigeria). Whereas, prices for domestic market is kept firm at Rs
53,000/MT as Power crisis in South have kept the production level low”.
HMS 1&2 (80:20) to Taiwan traded at $357-360/MT CFR during this week, up by
$2-5/MT CFR from last week. Deals for HMS 1&2 (80:20) were concluded last
week at $355/MT CFR Taiwan.
major steel manufacturer in Taiwan purchased a bulk cargo of around 30,000 MT
of HMS & shredded scrap with an average price of $383/MT CFR Taiwan (US
origin, to be delivered in November).
buying was limited during the week, offers are hovering at higher side. Few
mills have stopped dealing in anticipation of price fall in the upcoming month”,
said a market source.
is reported that the US has exported 1.939 million MT of scraps in July, up by
3.6% from the same period in year 2011. It is also up by 1.6% from June 2012.
continues to remain the top importer of US scrap with 6,09,0000 MT of scrap, up
by 61 percent Y-o-Y.
are the export quantities (In MT, country wise):
up by 20.9% Y-o-Y
MT, down by 31.9% Y-o-Y
South Korea: 153,000
MT, down by 22% Y-o-Y
US exported 13.219 million MT of scraps during the period of Jan-July 2012,
decline by 6.1% Y-o-Y. During the same period (Jan-July 2012), following were
the major importers of US scrap (In million MT, country wise):
up by 27.9% Y-o-Y
up by 12.3% Y-o-Y
1.865, down by 0.4% Y-o-Y
down by 43.2% Y-o-Y
Manufacturing Co, Japan's largest electric steelmaker has cut its scrap purchase
prices by another JPY 500/MT ($6/MT) for its all 5 plants.
This is the consecutive
7th time price cut by the company since August 25th. The
total price cut amounted to $57/MT (JPY 4,500/MT).
the correction, the purchase prices for HMS 2 reach US$ 301-327/MT (JPY 23,500-25,500/MT).
Following are the current purchase price
(plant wise) for HMS 2 (Unit: JPY/MT):
Okayama: Seaborne: 25,500 ($327),
Overland: 25,000 ($321)
Kyushu: 25,000 ($321)
Takamatsu: 23,500 ($301)
Tahara: 24,500 ($314)
Utsunomiya: 24,500 ($314)
1 US$ = JPY 77.97
Rungta mines ltd ,one of the largest private miner in Odisha India, have cut offers for iron ore fines by Rs 300/t ($5.50) w.e.f 29th September, lumps prices have been kept unchanged, said a company official.
Falling iron ore prices in international market have weighed on exports from India. Also high freight and duty charges have made exports nonviable. Current offers for 63% Fe stand at Rs 2,650/t (loaded to wagons, incld royalty).
“Domestic demand for iron ore fines will not make up for exports for at least 2-3 years. Many miners in Odisha are selling iron fines at a discounted rate. 63% Fe fines is trading at Rs 1,700-1,800/t (Ex Mines, Incld Royalty).” said a large iron ore trading firm based in Kolkata.
The rupee gained 36 paise to trade at nearly five-month high of 52.66 against the dollar in early trade today on continued selling of the American currency by exporters and banks.
Industry experts believe strong rupee will make more and more scrap and flat steel imports to India.
Spot iron ore prices in Chinese market kept stable this week as participants prepare for national holiday starting next week.
“The market is now looking under stocked. There are a lot of potential buyers on the sidelines, but at the moment uncertainty is prevailing and no one is willing to take the risk.”
But some traders say there is a chance iron ore prices could bounce back after China's Golden Week holiday.
“Most people believe prices will increase after the holiday because, given the long break, some mills would need to go back to the market and purchase. I'm seeing a $5 increase in prices after the holiday,” said an iron ore trader in the port city of Rizhao in China's eastern Shandong province.