Vedanta's Indian iron ore output rises post-monsoon

  • Monday, January 9, 2023
  • Source:ferro-alloys.com

  • Keywords:Vedanta Indian iron ore output
[Fellow]The daily Argus ICX 62pc iron ore index was at $117.35/dry metric tonne on 3 January, down by 2.2pc from a year earlier.
 
Indian private-sector resources firm Vedanta's October-December iron ore production rose by 17pc from a year earlier as output increased after monsoon disruptions.
 
The company's saleable iron ore production was 1.5mn t during the quarter as operations increased following the monsoon season, while sales fell by 18pc against the previous year to 1.3mn t on the back of 50pc export duties on iron ore in place from 22 May to 18 November.
 
Vedanta's October-December pig iron production edged lower by 1pc from a year earlier to 200,000t, while total finished steel production fell by 13pc to 306,000t because of maintenance at blast furnaces during the quarter.
 
Domestic steel and iron ore producers had opted for maintenance earlier this year to counter excessive supplies as a result of the export duties. Demand is expected to pick up for January-March, as activity typically picks up in the last quarter of the fiscal year and as exports will increase with the removal of the duties.
 
The daily Argus ICX 62pc iron ore index was at $117.35/dry metric tonne on 3 January, down by 2.2pc from a year earlier.
 
Vedanta won the Bicholim iron ore block in Goa's mine auctions last month, just as the Supreme Court approved dump handling in the state.

Argusmedia

  • [Editor:kangmingfei]

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