According to trade sources report to the SteelMint, few Odisha based major merchant iron ore miners are heard to have increased discounts further on bulk quantity purchase of fines on listed offers.
SteelMint learned from the sources that currently, trade prices for Fe 63% fines are around INR 1,800-2,100/MT which was INR 1,900-2,200/MT a week back.
Current trade prices for 5-18 mm (Fe 63%) is around INR 4,650-4,750/MT (ex-mines, including Royalty, DMF & NMET), slightly down against last week.
A month back, trade reference prices were INR 2,400/MT for fines and INR 5,200/MT for 5-18mm lumps, on the ex-mines basis.
Yesterday, Odisha’s Essel Mining reduced lump prices by INR 400/MT and fines prices by INR 300/MT. This is the 3rd cut made in the last 1 month. Odisha based merchant miners were facing low buying interest following the decline in semi-finished and pellet prices led them giving quantity discounts to stimulate the buying interest.
Eastern India Sponge iron prices decline significantly- Sponge iron (78 FeM) current price assessment in Durgapur is around INR 20,600-20,800/MT decline by INR 2,000-2,000/MT against INR 22,600-22,800/MT a month back.
Domestic pellet offers under pressure amid limited inquiries – Domestic market currently facing limited inquiries and declining P-DRI prices have resulted in a price fall in pellets too. In Durgapur (eastern India) pellet prices have come down by INR 800/MT M-o-M and are assessed around INR 6,400/MT, GST extra.
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