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Directly reduced iron (DRI) prices in the local Indian market have increased due to the continuing iron ore shortage caused by the ongoing ban on mining in the Karnataka region of India and an increase in scrap prices. DRI production has been severely hampered by the iron ore shortage and about half the DRI plants have shut down, with the remainder working below capacity.
To illustrate the impact of the iron ore mining ban, the cost of a typical grade of iron ore has risen from 3,000 to 5,000 Rupees in the last few months. There are also extra costs for forest taxes and royalties which adds to the price pressures.
Iron ore continues to be in short supply as many mines are unable to open due to the mining ban and non-compliance with environmental regulation. This follows the news on Tuesday 20th September 2011 that the Indian environment ministry will not approve any mining projects in the Bellary, Tumkur and Chitradurga districts in Karnataka until the Supreme Court lifts the mining ban in these districts.
