SteelMint’s benchmark Odisha iron ore lump index increased further by INR 250/t and that of fines by INR 50/t this week.
SteelMint’s weekly index for Odisha iron ore fines (Fe 62%) stands at INR 6,200/t (ex-mines, including Royalty, DMF & NMET).
- In a confirmed trade heard, one of the merchant miners from Odisha sold around 100,000 t iron ore fines (Fe 60.5%) at INR 5,500/t (ex-mines, including Royalty, DMF & NMET).
- 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
The Orissa High Court has allowed firms, whose rights ended on 31 March, to seek for more time to evacuate previously mined ore on grounds of Covid19 and force majeure.
Odisha may entrust at least three iron deposits it auctioned unsuccessfully last year to state -owned PSUs Odisha Mining Corporation and the state’s newer exploration agency Odisha Mineral Exploration Corporation. Sources told SteelMint, either of the government mining companies could be asked to operate Guali, Jilling-Langalota and Roida1, that were operation until 31 March 2020 in a move that should help improve iron ore supplies.
Chhattisgarh-: Steel Authority of India Ltd (SAIL) conducted an auction from its Rajhara mines in Chhattisgarh for 28,000 t fines (Fe 58%) in which the base price was set at INR 4,000/t (loaded into rakes and excluding royalty). However, the auction fetched no bids.
Karnataka -: In recent Karnataka e-auction conducted on 23rd Dec by private miners, auction fetched bids for 294,000t (260,000 t fines and 34,000 lumps) out of the total 386,000t put under hammer. JSW Steel Ltd stood the largest buyer at 144,000t followed by BMM Ispat limited at 60,000 t. Lots containing lump fetched bids higher upto INR 2,120 over the set base price and that of fines by upto INR 410/t.
Jharkhand -: Steel Authority of India Ltd (SAIL) conducted two auctions during the week from its Meghahatuburu mines in Jharkhand. In the auction held for 200,000 t iron ore fines (Fe 62%), the miner received bids for 128,000 t ore fines (Fe 62%) at the base price of INR 4,500/t (loaded into rakes and excluding royalty & other taxes). In another auction for 120,000 t iron ore tailings (Fe 57.8-59%),the miner received bids for 56,000 t at around INR 1,710-2,000/t (loaded into rakes and excluding royalty).
India iron ore prices-:
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