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[Ferro-Alloys.com] Indian private-sector producer JSW Steel has been declared as a preferred bidder for the Ajgaon iron ore block in the state of Maharashtra.
The steelmaker offered 25pc of average monthly prices of different quality and grade iron ore, in accordance to prices set by the Indian Bureau of Mines, to win the unexplored iron ore block in the Sindhudurg district. The auctions were held by the state government on 30 March.
The 8.4km² iron ore block contains low-grade iron ore reserves, along with associated elements of manganese, chromium and nickel.
JSW commenced commercial operations at its Dolvi plant expansion project in Maharashtra in November last year, doubling the plant's capacity to 10mn t/yr.
The company's standalone crude steel production in the first nine months of the financial year ended March 2022 rose by 16pc on the year to 12.61mn t.
The daily Argus ICX 62pc iron ore index stood at $160.10/dmt cfr Qingdao on 5 April, down by 32pc from a record-high of $235.55/dmt on 12 May 2021, but up by 84pc from a more-than-one-year low of $87/dmt in mid-November. (argusmedia.com)
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- [Editor:kangmingfei]
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