SteelMint’s benchmark Odisha iron ore fines index softened slightly by INR 50/t, however lump index increased by INR 100-200/t this week. NMDC raised iron ore prices in both states of CG and Karnataka for Jan’21 deliveries. OMC’s iron ore e-auction for 851,100 t iron ore fines held on 07th Jan’21 received an overwhelming response and bids increased by upto INR 1,300/t over the set base price.
SteelMint’s index for Odisha iron ore fines (Fe 62%) index stands at INR 6,100/t (ex-mines, including Royalty, DMF & NMET).
- SAIL conducted an auction at Bolani mines for iron ore fines Fe 62.5% on 05 Jan’21. Entire quantity of 72,000 t received bids at INR 5,270-5,280/t (loaded into rakes and excluding royalty).
- In another auction conducted by SAIL from its Barsua mines for 104,000 iron ore fines (Fe 60.8%). Base price was at INR 3,500/t (loaded into rakes and including royalty). The miner received bids for 77% (i.e 80,000 t) of material at base price.
- 36,000t iron ore fines (Fe 60-62%) was booked from OMC’s Koira mines via auction at INR 4,750-4,800/t ex-mines, excluding Royalty and taxes.
- In another deal reported from a private miner, nearly 300,000 t iron ore fines (Fe 60%) was booked at INR 5,500/t ex-mines, including royalty, DMF & NMET.
- SteelMint has also received nine offers, indicative prices in this publishing window out of those seven taken into consideration. To see SteelMint’s iron ore assessments, pricing methodology and specification documents, Click here
The Jilling-Langalota and Guali iron ore mines in Odisha have been allocated to Odisha Mineral Development Corporation (OMC) by the state govt. The two mines, with combined capacity of around 12 mn t, had won high premiums at the mineral auctions held in Jan’20.
The Central government has asked disinvestment-bound PSU Neelachal Ispat Nigam Limited to operationalise its captive iron ore mine with an EC limit of 2 mn t and sell the produce in the open market.
Chhattisgarh-: NMDC has raised prices for Jan’21 at the mid of this week. The price of lump and fines have increased by INR 500/t and INR 200/t respectively and DR-CLO increased by INR 580/t.
Govt owned SAIL conducted an auction on 06th Jan’21 from its Dalli mines in Chhattisgarh for 28,000 t fines (Fe 58.1%). Entire material remained unsold for which the base price was set at INR 3,550/t (basic, inclusive of royalty).
Karnataka -: NMDC’s iron ore e-auction from Kumaraswamy mines conducted on 6th Jan’21 recorded increase in bids following hike in base price. Bid prices for iron ore fines (Fe 60.3%) increased to INR 3,754/t compared to INR 3,599/t in the last e-auction conducted on 24th Dec’20. The auction fetched bids for an entire quantity of 189,000 t (152,000 fines and 37,000 lumps) put under hammer. JSW Steel stood the largest buyer at 156,000 t.
India iron ore prices-:
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