Iron ore concentrate prices in Jabalpur, central India, remained rangebound this week amid stability in iron ore prices post NMDC’s price revision for October month.
SteelMint’s assessment of Fe 63% concentrate prices currently stands at around INR 2,950/tonne (t) exw, stable as against the last assessment on 8 October.
Meanwhile, deals of around 50,000 t were heard at around INR 2,900-3,000/t this week, which was taken into consideration in the T1 trade of the index.
Factors supporting iron ore concentrate prices:
- Stability in iron ore prices: Iron ore prices in most of the Indian markets remained stable this week. SteelMint’s weekly Odisha iron ore fines (Fe 62%) index remained largely stable at INR 3,500/t ex-mines in the recent deals concluded. However, trade activities have witnessed an increase on lower inventories and less trades seen in the past few weeks.
- NMDC rolls over iron ore prices: India’s largest merchant iron ore mining company, NMDC, has kept iron ore prices unchanged for October deliveries, SteelMint learnt from reliable sources. NMDC fixed prices for lump iron ore (65.5%, 6-40mm) at INR 4,100/t, DR CLO (Fe 67%, 10-40mm) at INR 4,920/t and iron fines (64% – 10mm) at INR 2,910/t (FoR prices, excluding royalty, DMF and NMET) with effect from today.
Outlook
Iron ore concentrate prices are likely to remain range-bound in the near term. However, the deciding factor could be the movement of pellet and iron ore prices.
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