India’s largest merchant iron ore producer – Rungta Mines has today announced a price cut of about INR 200/MT in lumps and INR 100/MT in fines.
Odisha iron ore prices have come under pressure amid falling pellet prices, declining sponge iron prices and improved iron ore supply post resumption of operations at Serajuddin and Essel Mining (Koira and Jilling mines).
Domestic pellet prices in eastern India have fallen up to INR 600-700/MT M-o-M and C-DRI prices in Durgapur have declined by around INR 2000/MT in a month’s time.
Earlier on 27th Mar’18 Essel Mining also reduced iron ore prices by INR 225/MT in both lumps and fines.
The miner had last revised prices on 02 Jan’18 wherein it had raised prices by INR 300-500/MT amid limited iron ore availability in the state amid Supreme Court order on the suspension of iron ore mines over illegal mining case.
Rungta Mines Prices as on 29th Mar’18
| Material Type (Size mm) | Grade (Fe %) | Prices in INR/MT | Change (INR) |
| Fines | Fe 63% | 2,650 | -100 |
| 5-18 mm | Fe 62% | 5,600 | -200 |
| 10-30 mm | Fe 62% | 5250 | -200 |
Prices mentioned are loaded to wagons, inclusive of Royalty, DMF & NMET, GST extra
Source: SteelMint Research
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