One of Odisha’s major merchant miner- Essel Mining and Industries has reduced iron ore prices from its Koira and Jilling mines recently. Miner has announced a price cut of about INR 100/MT in both lumps and fines at both of its mines.
Iron ore prices in Odisha have started to retreat amid increased iron ore supply over the resumption of operations at Serajuddin & Essel – Koira mines. Also, Essel Mining has started offering iron ore from Jilling mines after receiving consent from SC.
Also, market participants mentioned that iron ore buying has remained dull last month and towards the end of last month, Odisha miners were seen giving discounts of INR 200-300/MT on bulk purchases.
Another reason that has put prices under pressure is booking of the South African lump by west & south India parties. Indian iron ore imports likely to Cross 1 MnT in April as per SteelMint Data.
Essel Mining Prices at Koira Mines-:
| Material Type (Size mm) | Grade (Fe %) | Prices in INR/MT | M-o-M |
| 5-18 mm | Fe 62% | 4,740 | -100 |
| 10-30mm | Fe 63% | 4,640 | -100 |
| Fines | Fe 63/62% | 1,960 | -100 |
Prices mentioned are ex-mines w.e.f 2 May’18, inclusive of Royalty, DMF & NMET, GST extra
Source: SteelMint Research
In the SC hearing conducted on 15 Feb’18, the Supreme Court permitted Essel mining and Industries Ltd. to resume operations at two of its iron ore mines in Odisha – Jilling Langalota and Koira.The miner has EC limit of 4 MnT p.a. for its Koira mines while its Jilling mines have EC limit of 6.2 MnT pa.
Essel Mining Prices at Jilling Mines-:
| Material Type (Size mm) | Grade (Fe %) | Prices in INR/MT | M-o-M |
| 5-18 mm | Fe 62% | 5,425 | -100 |
| 10-30mm | Fe 63% | 5,075 | -100 |
| Fines | Fe 63/62% | 2,095 | 100 |
Prices mentioned are ex-mines, inclusive of Royalty, DMF & NMET, GST extra
Source: SteelMint Research
Earlier in Mar’18 Essel Mining and Industries has reduced iron ore prices from its Koira and Jhiling mines. Miner has announced a price cut of about INR 225/MT in both lumps and fines.
Leave a Reply