The miner has announced price hike of INR 200/MT (USD 3) in lump and by INR 150/MT (USD 2) in fines.
Odisha’s largest private iron ore merchant iron ore producer – Rungta Mines increased iron ore prices by INR 200/MT in lumps and INR 150/MT in fines w.e.f tomorrow (5th June 2018). Rungta Mines-India’s largest private merchant miner produced 25.25 MnT iron ore in FY’18.
Earlier today itself, Odisha’s merchant iron ore producer – KJS Ahluwalia and Kaypee Enterprises increased iron ore prices by INR 200/MT in lumps and INR 150/MT in fines w.e.f today (4th June 2018).
Miner has increased iron ore prices amid iron ore rake availability issue prevailing in eastern India. Market participants mentioned that with iron ore rakes being diverted for carrying coal to power plants, iron ore evacuation from mines has become difficult. Sources expect the problem to persist for a month’s time.
Last week, iron pellets prices in eastern India have increased sharply by INR 450-650/MT W-o-W supported by sponge prices in eastern India.
In another reason, as the rainy season has approaching nearer results in reduced production. That might also be the reason for increase iron ore prices.
Rungta Mines (Joda) Prices w.e.f 5th Jun’18
| Material Type (Size mm) | Grade (Fe %) | Prices in INR/MT | Change (INR) |
| Fines | Fe 63% | 2,800 | +150 |
| 5-18 mm | Fe 63% | 5,800 | +200 |
| 10-30 mm | Fe 63% | 5,450 | +200 |
Prices mentioned are loaded to wagons, inclusive of Royalty, DMF & NMET, GST extra
Source: SteelMint Research
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