January 4, 2018 / 5:53 AM / 6 months ago

BUZZ-India could turn into iron ore importer again - Credit Suisse

** Mining output cut in eastern state of Odisha could turn India into iron ore importer again and lead to a rise in domestic prices of iron ore, Credit Suisse analysts write in a note

** Odisha suspended operations of seven mines after leaseholders failed to meet a deadline on Dec. 31, but a govt official told Reuters that India’s top iron ore state is likely to meet output target of 100 mln tonnes of ore in FY 2017/18

** With domestic steel output still growing, ore exports have fallen to near-zero in recent months, and until other Odisha mines ramp up, India may turn into a net importer again - CS analysts

** Higher domestic steel prices help vertically integrated manufacturers such as Tata Steel Ltd, CS analysts add

** Jefferies says a rally in domestic iron ore prices could cap margin gains at non-integrated steel firms such as JSW Steel Ltd in near term

** Shares of Tata Steel have risen 0.3 pct this year as of Wednesday’s close, while JSW Steel has fallen 0.4 pct

0 : 0
  • narrow-browser-and-phone
  • medium-browser-and-portrait-tablet
  • landscape-tablet
  • medium-wide-browser
  • wide-browser-and-larger
  • medium-browser-and-landscape-tablet
  • medium-wide-browser-and-larger
  • above-phone
  • portrait-tablet-and-above
  • above-portrait-tablet
  • landscape-tablet-and-above
  • landscape-tablet-and-medium-wide-browser
  • portrait-tablet-and-below
  • landscape-tablet-and-below