March 25, 2021
The miners from whom the iron
The miners from whom the iron ore was being bought are citing the reason that
because of court orders mines were closed and supplies were hit. The prices of
other materials like coking coal, electrode, coal and refractory are shooting
up.A company official said coking coal which was at USD 179 a tonne in the first
week of November has reached USD 262 a tonne in international markets. Supply
and production of steel, aluminium, cement and captive power producers have been
hit due to shortage of railway rakes and this situation needs immediate
correction, Jindal said.The government must give priority in providing raw
material to those steel companies that are not facing insolvency proceedings and
regularly paying interest on debts, he replied to question related to the impact
of rising prices of raw materials on his business.
There is also shortage of
railway rakes, another company official said.Insolvent firms do not pay any
interest, nor are they able to service their debt and such insolvent firms can
even sell their items at lower rates, Jindal added."We have to service the debt
also.The price hike in January is the third-straight rise since November 2017
when NMDC had fixed the rates of lump ore at Rs 2,300 a tonne and that of fines
at Rs 2,060 a tonne.Odisha: The government should ensure that performing steel
assets do not High titanium
iron Suppliers face any shortage of raw material, Jindal Steel and Power Ltd
(JSPL) chairman Naveen Jindal said. I would say other ministries also, whether
it is coal, railways, they must support them (performing companies) by meeting
their requirement. It hiked the rate of iron ore fines by Rs 500 to Rs 2,760 per
tonne for the month. We are bound to raise the rates," Jindal said.
They have
gone up heavily in last two-three months and "(due to it) we have also raised
rates.State-run iron ore producer NMDC raised the prices of higher grade iron
(lumps) by Rs 500 to Rs 3,100 per tonne for January month."If you don’t meet the
requirement if there a shortage then government must supply raw materials on
priority basis," he added. There wasnt any other way by which this rise could
have been evaded."You see only three private major steel companies have not
embarrassed their investors, the rest have been pulled to the NCLT," Jindal told
PTI in an interview. In December, 2017, it raised the price of lump ore by Rs
300 a tonne to Rs 2,600 and fines by 200 to Rs 2,260 a tonne. We were bound to
pass on the burden."We are taking up this matter with the government that those
companies which are giving the interest regularly must get uninterrupted supply
of raw materials. He further said that rise in iron prices is very unfortunate.
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12:59 AM
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