The project kicked off construction in January last year with an investment of 4.125 billion yuan ($564 million).

India's JSW Steel wins iron ore block in Karnataka.

Vale is a major global producer of iron ore, copper and nickel.

Vale is a major global producer of iron ore, copper and nickel.

Quench and tempered and normalized plate pricing both stayed flat at $2,385/st and $1,730/st, respectively.

Integrated steelmaker Cliffs and electric arc furnace (EAF) competitor Nucor were both said to be offering at $750/st.

In the April-June quarter, its loss amounted to Rs969m versus a loss of Rs509m in the same three-month period a year ago.

In the period, over 4 million tonnes of its products were sold, representing a year-on-year decrease of 22%.