Rungta Mines, the largest merchant Iron ore miner with 12 MnT pa productions, has decided to maintain prices at the same level.
Rungta Mines Ltd and Essel Mining, Odisha’s largest merchant Iron ore miners have kept their offers unchanged for the month of June 2014. Combined both mines together, they have annual production capacity of over 20 MnT. Generally miners review prices on fortnightly basis.
Other miners namely Indrani Patnaik and Serajuddin have hold back their booking orders as of now.
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Rungta Mines Iron Ore Prices w.e.f. 01 Jun’14 |
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|
Place |
Size |
Grade/Fe% |
Delivery |
Prices |
|
Joda |
5-18 mm |
65 |
Loaded |
7,100 |
|
5-18 mm |
63 |
Loaded |
6,800 |
|
|
10-30 mm |
65 |
Loaded |
6,450 |
|
|
10-30 mm |
63 |
Loaded |
6,050 |
|
|
Fines |
63 |
Loaded |
2,950 |
|
|
Fines |
60 |
Loaded |
2,300 |
|
|
Koira |
5-18 mm |
62 |
Loaded |
6,150 |
|
10-30 mm |
62 |
Loaded |
5,550 |
|
|
Fines |
62 |
Loaded |
3,050 |
|
|
Fines |
60 |
Loaded |
2,400 |
|
Prices in INR/MT, including royalty
Source: SteelMint Research
Earlier on 20 May, 2014, Rungta mines and Essel Mining & Industries Ltd raised its Iron ore prices by INR 400-500/MT after state government on 16 May ordered 26 mines running on deemed renewal to stop their operations as per the Supreme Court’s directive.
“Demand has been good now and we have kept our prices (Fines and Lumps) unchanged,” said an official from Rungta Mines. Prices are reviewed twice in a month.
Sponge Iron Prices corrected by INR 400-500/MT W-o-W
Sponge manufacturers have slowed down their Iron ore purchases at higher prices after Sponge iron (DRI) prices corrected INR 400-500/MT last week. Manufacturers mention that they have sufficient stock and can operate their plants for a month or so. However, those with low inventories are bound to purchase Iron ore at higher prices.
NMDC likely to revise Prices on 3rd June
NMDC, India’s leading Iron ore miner with 30 MnT pa productions, might review monthly prices on 3 June 2014. In line with improved demand at the back of low Iron ore low availability in Odisha after suspension of mining, prices are expected to strengthen.
NMDC supplied 354 Iron ore rakes from Chhattisgarh in May, 2014, increase by 15.5% in comparison with Apr, 2014. JSW Steel purchased 104 rakes whereas state owned companies namely KIOCL & RINL purchased 33 & 116 rakes respectively.
Also, media reports say that government might ask NMDC to hold Iron ore export to South Korea and Japan for 3 years.
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