After receiving ‘consent to operate’ from Supreme Court, RP Sao has resumed iron ore dispatches from its mines recently and the miner is expected to resume giving offers in merchant market in about a week’s time.
At the beginning of Apr’18, Supreme Court of India granted ‘consent to operate’ to Odisha’s RP Sao Mines after it submitted compensation amount along with interest amount.
The iron ore miner has EC limit of around 5.7 MnT p.a. and is situated in Guali, Joda. The miner was last seeing offering material in the merchant market towards the end of 2015.
Iron ore prices in Odisha are likely to come under pressure over improved supply with few major mines resuming operations after payment of penalty amounts. In May’18, Essel Mining reduced prices by INR 100/MT. While in Apr’18 major Odisha miners had cut prices by about INR 200/MT.
Earlier, Odisha iron ore merchant miners had raised prices since Dec’17 expecting supply disruption in near future. Miners had raised iron ore prices upto INR 800/MT in Dec’17 and further by INR 500/MT in Jan’18.
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