Iron ore price, page-51479

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Govt working to avoid a shortage of low-grade iron ore in India: Steel Minister Scindia
Exports of iron ore, mainly fines of below Fe (iron) 58% grade, as well as pellets rose to a three-year high of over 44 million tonnes in calendar year 2023, according to analytics firm SteelMint.
YARUQHULLAH KHAN & AISHWARYA NAIR
MARCH 04, 2024 / 01:00 PM IST
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The steel ministry is working to avoid a shortage of low-grade iron ore in the country, said union steel minister Jyotiraditya Scindia mid reports that steelmakers are ratcheting up pressure to stop the export of the steelmaking ingredient.

"While we have enough iron ore in the country, more would be needed as steel production rises," Scindia on March 4 during the inauguration event of Jindal Stainless' first green hydrogen plant.

Last week, secretary of Steel Ministry N N Sinha ruled out any ban on the exports. Exports of iron ore, mainly fines of below Fe (iron) 58% grade, as well as pellets rose to a three-year high of over 44 million tonnes in calendar year 2023, according to analytics firm SteelMint.

Last week, Bloomberg reported that second-tier steelmakers have asked the government to take action to curb the exports. Post which Reuters reported that the ministry is considering an export tax.

According to Bloomberg, smaller steelmakers in India are pressing for a ban on exports of iron ore, after a surge in sales to Chinese mills pushed up local prices.

The ministry did not comment when asked about considering the export tax.

Production of iron ore stood at 177.06 million tonnes in the April-November 2023 period, of which domestic consumption stood at 135.14 million tonnes, according to the Federation of Mineral Industries (FIMI). Industry body FIMI had sent a letter to the ministry on February 15 advising against any ban on the export.

Meanwhile, Scindia unveiled the first green hydrogen plant in the stainless steel sector  and flagged the move as a "significant" one by Jindal. The facility, located in Hisar, Haryana, is projected to lower carbon emissions by about 2,700 metric tonnes per year and some 54,000 tonnes of carbon di-oxide emissions over the next 20 years, the company said in a statement.