India: KJS Ahluwalia cuts Iron Ore Prices by INR 300-500/MT

KJS Ahluwalia, a big merchant miner in Odisha, has cut Iron ore prices by INR 300-500/MT owing to piling up stock and weak demand from Sponge manufacturers.

Current Iron Ore Prices of  KJS Ahluwalia

 All prices on Ex-Mines basis, including Royalty
Additional INR 500/MT for loaded to wagons

Almost all the miners in Odisha have cut their offers upto INR 500/MT on two major factors. Firstly, 50:50 rule in Odisha, which had restricted them to sell more than 50% of their production outside the state and on the other hand,  Pellet availability has increased in the domestic market.

Odisha High Court judgment in favor of State Government’s Decision of 50:50 Rule

Odisha High Court today makes a judgment in favor of state government on reserving 50% Iron ore for state based industries. Odisha Government has the right of pre-emption, said the Court.