【Bengaluru】India turned a net importer of iron ore in calendar year 2014, as import far exceeded exports. Domestic steel mills imported little over eight million tonnes (mt) of the key steel-making raw material, as against export of around seven mt.
Major producers such as JSW Steel, Tata Steel and Essar Steel resorted to import of high quality ore, available at almost the same cost as domestically produced lower grade material. Imports during the year were 8.05 mt. The previous record was 3.1 mt in 2012.
○Steel cos see limited impact of China's export benefit withdrawal
【Mumbai】Despite China’s withdrawal of export benefits, there won’t be a substantial reduction in imports of steel alloys from there, as a major chunk of the imported commodity continues to remain under the rebate umbrella, say industry officials. However, some impact is likely and the possibility of a 10 per cent fall in imports from China is not ruled out.
Effective January 1, China ended an export-tax rebate on select steel alloys such as sheets, wires and rods that contain boron. Previously, Chinese boron–added steel enjoyed a rebate of 9-13 per cent on the tax incurred, which helped manufacturers export such steel to India.
○Odisha allowed to increase iron ore output by 16.5 mt
【Bhubaneswar】The Union environment ministry has approved a proposal from the Odisha government to allow the request of two iron ore mining groups to raise their output by a combined 16.56 million tonnes (mt) a year.
This would not affect the overall cap set by the state government, presently at 58 mt a year. The two groups are Rungta Mines (two mines) and Serajuddin & Co (one mining lease). The Rungtas have now got environmental clearance (EC) to extract an extra 5.91 mt of ore a year; their cap till now was 3.5 mt. Serajuddin can now extract up to 15.15 mt a year, against 4.5 mt till now.
India turns net importer of iron ore in 2014
Steel cos see limited impact of China's export benefit withdrawal
Odisha allowed to increase iron ore output by 16.5 mt
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