SteelMint’s weekly Odisha iron ore fines index (Fe 62%) has risen by INR 300/tonne (t) w-o-w to INR 6,200/t ex-mines. The index has climbed to four-month high, as per data maintained with SteelMint. Apart from limited availability of high grade ore, logistics concerns amidst limited availability of rakes have supported iron ore prices.
Rationale:
- T1- SAIL’s Bolani iron ore auction for around 40,000 t Fe 62.5% grade fines was concluded at INR 6,840/t (loaded, including royalty, DMF and NMET). This has been taken under the calculation for Fe 62% fines index and given 50% weightage after certain grade adjustment.
- T2- SteelMint received fifteen (15) offers and indicative prices under T2 trades in this publishing window. Fourteen (14) were taken into consideration and given 50% weightage. To check SteelMint’s iron ore assessment, pricing methodology, and specification documents Click here
Odisha iron ore prices:
NMDC hikes iron ore prices by up to INR 680/t ($9): NMDC has raised iron ore prices from its Chhattisgarh mines further by up to INR 680/t. The hike in prices in Odisha resulted in a hike in offers. Fines offers have risen by INR 300/t and those of DR-CLO have been increased by INR 680/t.
FoR prices, excluding Royalty, DMF & NMET
Source: SteelMint Research
Karnataka iron ore e-auction by private miners receives active response: Karnataka’s private miners had conducted an iron ore e-auction on 23 Feb’22 in which 119,000 t of the material was booked out of the total 220,000 t. JSW Steel emerged as the largest buyer at 60,000 t followed by Xindia Steels Limited at 24,000 t. The iron ore fines (Fe 65.2%) lot was booked at INR 5,350/t (basic, taxes extra).
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