Iron ore concentrate prices in Jabalpur, central India, remained supported this week following a hike in Odisha iron ore prices and NMDC’s price revision after the government rolled back export duties on iron ore and pellets.
SteelMint’s assessment for Fe 63% concentrate prices currently stands at INR 3,500/tonne (t) exw, stable as against the last assessment on 26 November.
Meanwhile, deals of 66,000 t were heard at INR 3,400-3,600/t exw this week which were taken into consideration in the T1 trade of the index as against no active trade on 26 November.
“Following the export duty announcement and NMDC’s recent price revision, iron ore concentrate prices would remain supported and are less likely to fall in the near-term,” mentioned Jabalpur-based sellers.
Factors supporting prices-
- Odisha iron ore prices rise w-o-w: SteelMint’s weekly Odisha iron ore fines (Fe 62%) index rose by INR 500/t to INR 3,900/t ex-mines (including royalty, DMF and NMET). Majority of Odisha-based miners have raised their offers post-roll back of export duties.
- Hike in NMDC iron ore prices: India’s largest merchant iron ore mining company, NMDC, has increased list prices of iron ore recently, SteelMint learnt from reliable sources. The company has raised prices of lump ores by up to INR 300-360/t and fines by INR 300/t, with effect from today.
Outlook
Iron ore concentrate prices are less likely to fall in the near term owing to supportive iron ore market sentiments post export duty roll over, SteelMint understands.
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