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India: Low global prices to encourage iron ore import

India is likely to remain a net importer of iron ore in 2015-16 as falling international prices might encourage steel majors to continue importing the key raw material. The quantity imported might not be as high as in the last financial year. However, with an expected increase in domestic produc ...

Surging iron ore market

There was a major surge in the seaborne iron ore spot market on Friday as demand and confidence returned to energize a nearly two-week rally. Platts assessed its 62% Fe Iron Ore Index up $3.75 from Thursday to $58.50/dry mt CFR North China. Since plunging to $47.50/dmt on April 5-6, the IODEX be ...

Sugar: India Govt mulls hiking import duty to 40%

In order to check falling prices of sugar in domestic markets and enable mills to clear mounting cane arrears of about Rs 20,000 crore, the India government is planning to hike sugar import duty to 40% from the current 25%. Import duty on both raw and refined sugar was raised to 25% from 15% las ...

Light at end of tunnel for dry bulk?

The bad news: there will be at least two and a half years more of pain for the dry bulk sector. The good news: with the ordering boom having come to an end and scrapping starting to gain traction, there could be some changes to fleet growth by as soon as the early part of next year, according to ...

Oman sees coal as potential fuel resource

Oman’s authorities envision a potential role for coal as a fuel resource in the generation of electricity for power generation with the resultant carbon dioxide emissions harnessed for use in country’s increasingly pivotal Enhanced Oil Recovery (EOR) programme. According to officials, the Sultan ...

Australia’s Iron ore exports shrink as demand blamed for price collapse

Australian iron ore exports almost certainly shrank in the first three months of 2015, suggesting the 28 per cent fall in iron ore prices over the same period was influenced more by weak demand in China than supply growth from Australian miners. Fresh data published by Rio Tinto on Tuesday shed ...

S.Korea’s KOMIPO signs deal to buy 500,000 T/Y of coal for 2015-2017

Korea Midland Power Co Ltd (KOMIPO) will buy 500,000 tonnes per year of Australian bituminous coal for 2015-2017 via a term tender that closed on Tuesday, a source from the utility said. The first consignment will be shipped in June this year. The source said the deal was with a foreign trader, ...

Asian grain mills stick with containers despite higher cost

Rapid growth in the use of containers to ship grains and oilseeds to Southeast Asia could take a step back this year after a fall in bulk freight rates to record lows, although smaller mills will mostly stick with containers, traders said. Asian millers started importing grains in shipping conta ...

China’s Q1 coal imports fall 42 pct year on year -customs

China’s coal imports in the first quarter fell 42 percent on a year earlier amid tepid demand and tighter quality checks, customs data showed on Monday. Imports by the world’s biggest coal consumer reached 49.07 million tonnes in the first three months of the year, according to data from the Gen ...

India: Coal imports rise by 33 pc to 240 MT in FY’15

India’s coal imports in the just concluded FY 2015 increased by 33 per cent to about 240 million tonnes. “Coal import have gone up by 33 per cent to about 240 million tonnes in the last fiscal, ” mjunction Managing Director & CEO Viresh Oberoi told PTI. Mjunction Services is a e-auction joi ...