India: Rungta Mines raises Iron Ore Prices by upto INR 300/MT

Rungta Mines (Odisha) has increased Iron ore fines prices by upto INR 300/MT and lump prices by INR 300/MT. While, prices in Jharkhand remain unaltered.

When the entire eastern India is struggling with the scarcity of Iron ore, Odisha’s major merchant miner, Rungta Mines has further increased its Iron ore prices. The miner had last increased its prices on 01 Nov, 2014. This increase will make the situation tougher for steel & pellet makers.

On one hand, where Steel & Sponge iron prices are falling, on the other, this hike will certainly take most of them in raw material crisis.

Rungta Mines (Odisha) Iron Ore Prices

Prices in INR/MT; as per loaded to wagons & including royalty
Source: SteelMint Research

Ghanashyam Misra & Sons has kept its Iron ore offers unchanged and is offering raw material outside Odisha as well.

Jharkhand Iron Ore Prices remain Unchanged: Rungta (Jharkhand mines) has kept its prices unchanged in Jharkhand. Fe 63% fines is being offered at INR 4,000/MT (as per loaded to wagons in Jharkhand).

Imports are all Time High: After severe crisis in the domestic market, Iron ore imports have paced up to an all time high. By end of November, it will touch 7 MnT.

Supply of Iron ore very Critical from Odisha: Supply of Iron ore from Odisha has been very critical after the apex court ordered suspension on mines running under 2nd deemed renewal. Currently, 18 mines are closed, which had produced 18-19 MnT last fiscal.

Sources close to this matter said to SteelMint, “There is no sign of resumption in Iron ore mining in Odisha. The state government has asked for additional three months from the Supreme Court to sort out pending renewals, after the SC asked government to take a call with six months ending mid-November.”

Sources also said the state government has called for a meeting with mines owner after state revenue has fallen drastically. Experts believe government may allow liquidation of stocks from these closed mines.