A government-appointed panel has proposed setting up India's first iron ore exchange to determine the domestic sale price of the key steelmaking raw material, according to a document reviewed by Reuters and a source with direct knowledge of the matter.

Subhrakant Panda, MD of Indian Metals and Ferro Alloys said the company's balance sheet position remains strong with cash on books at about ?350 crore.

They made their comments during a news conference held by the State Council Information Office on Thursday.

Jubilee Metals reported tolling agreements to February 2027, while construction of a second processor module was on course for completion later this year.

US producers claim that the price spread on ferrosilicon sourced from Russia,Kazakhstan, Malaysia and Brazil is as high as 212%, which is seriously damaging the local industry.

Indian state-run miner MOIL Limited achieved manganese ore production of 1.75 million mt in the fiscal year 2023-24,up 34.61 percent year on year, according to a company statement on Tuesday,April 2.

The output accounted for 59.1 percent of the province's power load at that time, said the company.

The proportion of nonfossil energy in the total energy consumption is expected to rise to around 18.9 percent, it said in a guideline on energy work in 2024.