SteelMint’s weekly index for Odisha iron ore fines (Fe 62%) has increased by INR 300/t to INR 6,700/t (ex-mines, including Royalty, DMF & NMET). With deals getting reported at increased offer, index has moved up.
An Odisha based miner has concluded deal for around 50,000 t fines (Fe 60.5%) at INR 6,000/t (including Royalty, DMF and NMET) recently. In another confirmed trade heard, another Odisha based miner has booked around 100,000 t fines (Fe 63%) grade at INR 6,200/t (including Royalty, DMF and NMET) this week.
Rationale:
- Single deal from of 50,000 t was considered for T1 trade and hence kept the weightage in this index at 50%. Other trade which was reported in this publishing window not considered for price calculation.
- SteelMint has also received ten (10) offers, indicative prices under T2 trade in this publishing window out of those nine (09) were taken into consideration and given 50% weightage. To see SteelMint’s iron ore assessments, pricing methodology and specification documents, Click here.
OMC to auction 1 mn t seized ore next week: Odisha’s leading miner Orissa Mining Corp (OMC) has scheduled an e-auction on 13th Apr’21 for around 1.067 mn t seized iron ore from mines like Kasia, Jaribahal, etc. The average grade of material put to auction varies from Fe 49%- 65.84%.
Serajuddin resumed fines offer for sale in the merchant market: Serajuddin- Odisha’s major merchant iron ore mine has resumed iron ore fines offers from its Balda iron ore block this week. The current offer price for Fe 63% fines is heard at around INR 6,200/t ex-mines (including Royalty, DMF & NMET) with effect from 6 Apr’21. The offers have increased against its last offer of INR 5,200/t in end-Feb’21.
Odisha iron ore prices:
Chhattisgarh: NMDC keeps iron ore prices stable after announcing a price hike on 3rd Apr’21.
FoR prices, Royalty, DMF, NMET extra
Source : SteelMint Research
Bids for lump increase in recent Karnataka e-auction by private miners: In a recent Karnataka e-auction held on 8th Apr’21, out of the total quantity of 518,000 put to auction, 41,000 t was booked. JSW Steel stood the largest buyer at 28,000 t. Veerabhadrappa Sangappa & Company iron ore lumps Fe 64.05% received bids at INR 5,895-5,905/t as against INR 5,575/t received in last e-auction held on 24th Mar’21.
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