NMDC, India’s largest and state owned, Iron ore producer, had reduced the price for Lumps and Fines prices by INR 200-300/MT for February deliveries, according to PTI. There has been no official declaration by company yet.
Prices have been cut on account of falling domestic and global Iron ore prices. On one hand where global Iron ore prices have hit 5 1/2 years low and on the other Indian private miners have cut prices to an extent of INR 1,000/MT in last few weeks.
CG Sponge Iron Manufacturing Association (CGSIMA) strongly condemned the prices reported by PTI news. CGSIMA expects prices will come down by INR 600-800/MT for Feb’15 as per the confirmation received to them from NMDC officials on account of low Sponge Iron Prices that hit the 1 year low.
Odisha miners may hold offers for February
After cutting Iron ore prices by INR 1,000/MT in last one month, Odisha miners may hold prices for February. On hand where NMDC has cut Iron ore prices 5-10%, private miners have cut prices by 13-25%.
Rungta Mines (Odisha) Iron Ore Prices
| Size (mm) | Grade (Fe%) | Prices | ||
| Jan’15 | Dec’14 | Nov’14 | ||
| 5-18 | 65 | 6,350 | 7,300 | 7,700 |
| 5-18 | 63 | 6,050 | 7,000 | 7,400 |
| 10-30 | 65 | 5,700 | 6,650 | 7,050 |
| 10-30 | 63 | 5,300 | 6,250 | 6,650 |
| Blue Dust/Fines | 63 | 2,700 | 3,600 | 3,900 |
Prices in INR/MT
Prices are on FoR siding basis; including royalty
Source: SteelMint Research
Leave a Reply