30 September
Steelmint Exclusive
Essel mining and Rungta mines based in Orissa have increased their iron ore lumps price by Rs 450/MT on high grade and medium grade. “We have increased our ore prices by Rs 450/MT w.e.f. from 1st october looking at recent hike in steel prices ” said one of the officials.
Indian steel prices have seen a jump of about Rs 1000-1200/MT last week, after major players have announced an increase in their steel prices by Rs 1500/MT.
“Iron ore prices are going crazy at this time, recent hike of Rs 450/MT will increase our sponge production cost by about Rs 800/MT. We are not sure how sustainable are prices at these levels” said one of the sponge manufacturer based in Durgapur.
Where as sponge manufacturers based in Central India have diverted their procurement from NMDC (Govt owned mines) based in Chattisgarh.
” NMDC Iron ore prices are cheaper by about Rs 500/MT compared to Iron ore from Orissa sector, after a hike of Rs 450/MT by orissa mines will make iron ore dearer and unaffordable for us to buy from that sector. Markets are uncertain at these levels’ said one of the integrated steel plant manufacturer based in Raipur , Chattisgarh
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