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Electrotherm introduces cost saving furnace

Electrotherm India has introduced a medium frequency induction melting furnace of 40 tonne capacity. It is a new product that is now available in India and can save costs than the traditional furnaces available in India. The company expects to save a cost of Rs.800- Rs. 900/- to client per tonne.

Steel Ministry is determined to ensure iron ore availability

The export duty on iron ore fines of 5% and lumps of 15% is not deterring such exports. So the steel ministry is considering quantitative restrictions on iron ores. Steel prices have slackened after imposing export duty but international prices kept the steel price up. According to Ministry, it will push for a further increase in export duty if there is a need to ensure iron ore for the domestic market.

Steel Ministry push for power to grant iron ore lease

Frustrated by extensive delay for prestigious projects like Arcelor Mittal and Posco, Ministry of Steel has written to Cabinet Secretary for powers to grant licenses and approvals for iron ore leases. Many steel projects are held due to long term commitment of raw materials like iron ore. It opines that it is in the best position to assess needs and can take strategic decisions. It asked for amendment in law in case of three minerals viz. Iron, manganese and chrome ores.

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