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Indian chrome ore dispatches came down by 30% m-o-m in Sep' 20 as the pre-existing mined lots were dispatched from the auctioned mines. Misirlal mines remained the largest seller of chrome ore as they have to vacate the mine before mid-September. Meanwhile, dispatches from OMC picked up after few months of limited supply, and were up by 187%, also dispatches from IMFA recorded an increase by 85% m-o-m in Sep'20 on slight improvement if productions.
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Indian ferro chrome market has been under balanced conditions for two weeks now, as the shortage of chrome ore is intensifying and major buyers have completed their procurement for the month.
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Tata Steel Mining Limited (TSML) on Monday commenced the groundbreaking ceremony to kickstart the mining operations at Sukinda in Jajpur district.
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The ferro chrome prices in India have continued to strengthen on tight availability and improved domestic demand.
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Yunnan Chihong Zinc & Germanium Co (Chihong), China’s largest zinc and lead producer headquartered in Southwest China’s Yunnan province, saw its output of refined metal products, mainly zinc and lead ingots, surge by 14.5% on year to 269,500 tonnes in the first half of this year, Mysteel Global learned on September 4. The smelter says its operations were largely unaffected by the COVID-19 outbreak.
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The Mines Ministry has invited comments from the public on a series of structural reforms it proposes under Atmanirbhar Bharat to enhance private investments and generates employment in the mineral sector.
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Tsingshan Group, China’s top stainless producer, will be paying Yuan 300/tonne ($43/t) less for its high-carbon ferro-chrome (FeCr) purchases this month, the company declared in a notice on August 5, nominating a procurement price of Yuan 5,997/t including 13% VAT and delivery to its plant. The decline was in response to the reduction in price of the ferroalloy’s raw material, imported chrome ore, market sources said on Wednesday.
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China Baowu Steel Group (Baowu), the country’s largest steelmaker by installed capacity, saw its first primary aluminum ingot emerge from its own aluminum production line on July 30, marking the steel giant’s first foray into aluminium smelting and making further progress in the group’s production of metals suitable for use in auto manufacturing.
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Indian ferro chrome prices are down by INR 500/t w-o-w due to intense selling pressure with producers trying to clear their inventories in this downtrend market, where oversupply has hit the market hard and demand from the export market has dried up too.
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Tsingshan Group, China’s top stainless producer, was the latest to announce a Yuan 100/tonne ($14/t) cut in its high-carbon ferro-chrome (FeCr) procurement price for July to Yuan 6,297/tonne including 13% VAT and delivery, mainly to respond to weaker stainless prices, according to market sources.
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The China Securities Regulatory Commission (CSRC), the country’s governing body of all futures exchanges, has granted its approval, allowing three commodity exchanges to launch options contracts for six industrial products over June-August for trading, according to its official post on June 12.
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Odisha Mining Corporation (OMC) is all set to conduct its 60th auction for Chrome ore on 28-May-2020. The details of the forthcoming auctions are as shown below:
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Tsingshan Group has announced a Yuan 500/tonne ($70.4/t) on-month increase for its domestic purchases of high-carbon ferro-chrome (FeCr) for June, lifting its buying price to Yuan 6,397/tonne including 13% VAT in terms of delivery to its plant, according to the company’s notice on May 21.
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China’s major zinc smelters have started scheduling maintenance stoppages this month in response to a shortage of zinc concentrate supplies, according to Mymetal, Mysteel’s data collection arm for non-ferrous products. Some smelters have already idled their furnaces.
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Odisha’s state-owned miner- Odisha Mining Corporation (OMC) had scheduled its Chrome ore e-auction yesterday (28th Apr’20). Out of the total quantity of 33,100 MT, only 23,900 MT were sold, leaving 9,200 MT quantity unsold.
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Tsingshan Group has announced a Yuan 250/tonne ($35.4/t) on-month increase for its purchases of high-carbon ferro-chrome (FeCr) for May, lifting its buying price to Yuan 5,647/tonne including 13% VAT in terms of delivery to its plant, according to the company’s notice on April 30. Significantly, the mill also promised that for long-term contract suppliers who deliver above the base-quantities specified in their contract, it will raise their FeCr unit price by another Yuan 150/t.
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Production summary*
*Rio Tinto share unless otherwise stated
Source: Rio Tinto, released on April 17
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The fast spread of the COVID-19 in the past few weeks have forced some metallurgical mining companies to either slow down or to completely suspend their operations, as many countries where their mining sites are located have adopted the harsh measure of lockdowns to curtail the virus from infecting more citizens and to prevent their medical systems from collapses.
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Metallurgical Corporation of China Ltd (MCC), China’s largest construction and engineering service provider, saw its business model further diversifying from the traditional metallurgical projects in 2019, as the revenue from the sector decreased to 22.5% of the total from the 25.1% for 2018, according to the company’s latest annual report released on April 1.
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Tsingshan Group, China’s and the world’s largest stainless producer, has announced that for its purchases of high-carbon ferro-chrome (FeCr) in April, it has decided to maintain the same buying price as for March of Yuan 5,647/tonne ($828.8/t) including 13% VAT in terms of delivery to its plant, according to a company notice posted late on March 26. For this month’s procurement, Tsingshan pared its bid price by Yuan 150/tonne, as Mysteel reported.
