Government owned and export oriented pellet maker – KIOCL is eyeing for an optimistic market this financial year.
In the 40th Annual General Meeting of the shareholders of KIOCL Ltd, which was held on 24 Sept’16, Mr. Malay Chhatterjee, CMD, KIOCL Ltd, mentioned that the global steel sector is passing through a critical phase and KIOCL is not an exception. Though the results of the previous financial year were not encouraging due to slump in the market, the current financial year is looking ahead with positive contribution.
He also highlighted the current domestic and international scenario of iron and steel market, the company’s current status and future plans. The company has resumed its pellet plant operations since early September with back to back confirmed orders for four shipments. The resumption of its BF unit is also making progress swiftly.
KIOCL exports 68,000 MT pellets to Iran – The pellet maker has exported 68,000 MT pellets to Iran. As per sources report to SteelMint, the vessel has already left for Iran and the next pellet export vessel is expected to be shipped in 1st week of Oct’16. Prior to this, it had exported 55,000 MT pellets to China in May’16.
Raises iron ore procurement since Aug’16 – KIOCL resumed iron ore purchases from NMDC (C.G.) mines in Aug’16 after a span of 20 months and procured 11 rakes of fines. Apart from this, the pellet maker has imported two iron ore import vessels of 68,800 MT and 72,400 MT from Iran and Brazil respectively in Sept’16.
Bids for Karnataka iron ore block – KIOCL participated in the the recently conducted iron ore block auction in Karnataka under which 14 ‘C’ category mines were auctioned. As per the list released by MSTC, KIOCL is one amongst the technically qualified bidders for the block named ‘VS Lad & Sons’, which has total geographical resources of 28.62 MnT.
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