Good news for Grange, 26 IO mines in India have been closed, now...

Good news for Grange, 26 IO mines in India have been closed, now steel makers are searching for IO.

Iron ore pellet imports into India may start
Saturday, 24 May 2014
Business Standard reported that the shortage of iron ore lumps and pellets as well as increase in their prices in domestic market due to closure of 26 mines in Odisha, following the Supreme Court ban, is likely to result in the import of the raw material.

As per report, steel mills might import the raw material in the next 4 to 6 weeks, if the domestic prices shoot up by another INR 500 per tonne.

Already, prices of pellets have shot up 10% to 12% in the last few days. Currently, pellets are sold at INR 7,200 per tonne in eastern India, as against INR 6,500 per tonne about 10 days ago showing an increase of 11%.

Industry sources said that if the prices of pellets move up by another INR 500 per tonne in the domestic market, steel and sponge iron units might think of importing.