The settlements for BF-grade pellet premiums are nearly flat with the previous quarter and lower by around $3/dmt for DR-grade pellets.

During the quarter under review, the company's expenses stood at INR 1,250 crore, as against INR 1,474 crore in the same period previous fiscal.

China imported a record 112.65 million metric tons of iron ore in July, up 24 percent on a yearly basis, said CNBC.

Yantai Port in East China's Shandong province set a new world record in unloading efficiency after unloading an average of 12,438 tons of iron ore per hour from a single ship.

The China Tianjin Bulk Freight Index (TBI), an indicator of northern China's international bulk freight rates, stood at 830.12 points on Wednesday, up 1.71 percent compared with the previous working day.

The seaborne iron ore price hit more than six-year high Aug. 18, due to supply shortness of medium grade fines and a strong demand recovery in China post-pandemic.

A near-50pc surge in iron ore prices over the past three months has lifted the product's share of Chinese steel costs to an all-time high.

Future mining investment is expected to ease as a result of less work on iron ore and coal projects, along with the deferral of final investment decisions on some large LNG projects, Australia's central bank said.