Domestic Iron Ore lumps prices unlikely to correct in near term- Experts

Wednesday, July 20th,

Domestic Iron Ore lumps prices are unlikely to fall in near term looking at rising Sponge prices in India.

Sponge Iron prices are rising high on scarcity of Iron Ore.It is being quoted at Rs 21700-21800 per ton (Ex Raipur) up by Rs 500 per ton compared to last week and shows no sign of cooling off in short term.

Domestic Iron Ore prices are hovering around Rs 5500 -5900 /mt (5-18mm) Ex Barbil (Orissa). Most of the mines have closed their bookings looking at higher sponge prices.

“We are booked for next two months.Bookings are more than production at this moment.” said a miner based in Orissa.