SteelMint’s benchmark Odisha iron ore fines and lump index remained unchanged this week on less trades. Indian iron ore market witnessed diverse trends this week. NMDC’s e-auction from Chhattisgarh and Karnatka mines received sharp hike in bids. However, bids in SAIL’s iron ore fines auction from Odisha softened by around INR 150/t against last month’s auction.
SteelMint’s index for Odisha iron ore fines (Fe 62%) index stood at INR 6,150/t (ex-mines, including Royalty, DMF & NMET).
- One of the merchant miners from Odisha sold around 50,000 t iron ore fines (Fe 60.5%) at INR 5,400/t (ex-mines, including Royalty, DMF & NMET).
- In another deal, SAIL booked 72,000 t fines (Fe 62.5%) at INR 5,400-5,410/t (excl. Royalty, DMF and NMET) from Bolani mines in Odisha.
- IDCOL’s auction for 20,000 t iron ore fines (Fe 55%) received H1 bid at INR 2,258/t (excluding Royalty, NMET and DMF).
- All of the above have been considered as confirmed trade for index calculation after normalizing for grade and tax terms. Apart from this, SteelMint received seven offers, indicative prices in this publishing window. To see SteelMint’s iron ore assessments, pricing methodology and specification documents, Click here
Odisha government may change stacking norms to improve iron ore supplies. The size of stacks to be maintained for inspection of grades could be increased fivefold, from 4,000 tonnes to 20,000 tonnes, considerably easing bottlenecks in Odisha’s iron ore mines, according to industry insiders.
Chhattisgarh-: NMDC conducted an e-auction from its Chhattisgarh mines and received bids for 50,000 t out of 75,600 t material put for auction, as per sources. DR CLO received bids were up by around INR 1,880/t, ROM by INR 1,300/t and fines by INR 1,200/t above the set base price. Notably, the miner had raised prices upto 14% in Dec ’20.
Karnataka -: National Mineral Development Corporation (NMDC) has announced an increase in floor prices for Karnataka e-auction. Base price of fines has increased by INR 300/t and lumps by around INR 400/t ($5).
NMDC’s Kumarswamy mines in its Karnataka e-auction conducted on 10th Dec fetched bids for the entire 400,000t (248,000 t fines and 152,000 lumps) quantity put up for auction. JSW Steel Ltd stood the largest buyer at 220,000 t followed by Vizag Steel & NMDC. The bids in the auction increased upto INR 970/t. NMDC had increased the base price of fines by INR 300/t and lumps by around INR 400/t for Dec’20.
India iron ore prices-:
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