Steel Current Affairs - 2020

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Corona Virus: NMDC reduced iron ore prices by 1.5%

On March 16, 2020, the National Mineral Development Corporation announced that the prices of iron ore is to be reduced by 1.5%. The Corporation is taking such measures predicting decline in iron ore demands due to the threats of Corona virus.

Highlights

The steel prices in India reduced in 2019 due to economic slowdown. The demand of steel in the country reduced greatly and affected the supply chain greatly. The prices of iron ore was the lowest in 2019.

National Mineral Development Corporation

The National Mineral Development Corporation was founded in 1958. The Corporation operates under Ministry of Steel. It is involved in theexploration of graphite, irone ore, rock phosphate, gypsum, limestone, tungsten, bentonite, dolomite, etc.

In 2018, NMDC announced that it is to undertake mining in Australia by acquiring majority stakes in projects of the country.

Iron Ore in India

India is the largest producer of iron ore in the world. Today, India exports more than 35 million tonnes of iron ore.

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Mission Purvodaya: India-Japan join hands to make Odisha a Steel Hub

On February 28, 2020, the Union Minister of Steel announced at a workshop organized by Confederation of Indian Industries (CII) that GoI is to make Odisha the steel hub of India. This is to be achieved by the Government with the help of Japan.

Highlights

Odisha has been selected to establish steel hub due to its strategic location, availability of raw materials and strong connectivity. The city of Kalinga Nagar is to be developed as the epicenter of Mission Purvodaya. With implementation of the mission, more than 75% of steel is to come from eastern India with Odisha alone contributing more than 100 metric tonnes per annum.

Mission Purvodaya

The mission was launched in January 2020. It aims to develop Eastern India as an integrated steel hub. Under the mission, the GoI aims to generate employment opportunities and also increase growth of steel sector.

This will also help achieve the target of National Steel Policy, which is producing 300 MT of steel by 2030.

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