Government-owned National Mineral Development Corporation (NMDC) recorded 461 iron ore rake movements from Chhattisgarh in February 2023, rose by 8.5% against 425 in January 2022, according to rake movement data maintained with SteelMint.
This figure includes movements within Chhattisgarh and to other state-based units but excludes supply to AM/NS India through the slurry pipeline. Notably, a rake carries 3,850 tonnes (t) of iron ore.
RINL top buyer: Rashtriya Ispat Nigam Ltd (RINL) emerged as the largest buyer, with 156 iron ore rakes received in February, 2023, up 2% as against 153 in January, 2023.
JSW Steel recorded a 13% increase in receipt of iron ore rakes from NMDC Chhattisgarh at 123 in February, 2023 as against 109 in January, 2023. Recovery in finished steel prices and improved steel market outlook resulted in iron ore sourcing.
South India-based pellets maker, Kudremukh Iron Ore Company Limited’s ( KIOCL’s) iron ore sourcing stood at 65 rakes in Febuary compared with 52 in January. Improved sentiments in pellet exports and active deals have boosted in iron ore sourcing by pellet maker.
NMDC’s total iron ore rake movements to plants based outside Chhattisgarh were recorded at 389 last month, up 12% compared to 346 in January.
Sourcing by Chhattisgarh-based units slightly down: NMDC’s iron ore rake movements to Chhattisgarh-based units were recorded at 72 in Febuary 2023 compared to 79 in January 2023. The company has raised prices of lump ores by up to INR 300/t and fines by INR 500/t, effective from 28 January, 2023.
Due to lack of deals in finished and semi-finished steel led the raw material sourcing down in the region.
Exports nil: NMDC’s long-term iron ore export contracts with Japanese steel mills (JSMs) and South Korea’s POSCO were scrapped as the key sop of 10% reduction in export duty was removed.
NMDC’s (Chhattisgarh) iron ore rake movement: Feb’23 vs Jan’23
Leave a Reply