Private miners based in Odisha kept their mid December iron ore prices unchanged, mentioned market sources.
“There has been no change in iron ore prices in Odisha, as most of the mines are closed over excessive mining. Although Odisha government assured that it will allow to lift piled up stock at mines head, but no permissions have been granted yet.
Miners like Indrani Patnaik, Serajuddin, Essel Mining (Koira) and Rungta (Jajang) are operational. It does not make much sense for these miners to cut prices as availability of iron ore is limited in the state.And scope of hiking ore prices will not be accepted in falling market” said an iron ore trader based in Barbil (Odisha).
Indian pellet manufacturers further cut offers on falling sponge iron (DRI) prices and low demand.Current offers for iron pellet stands at Rs 7,100-7,400/t at Odisha.
Imports non-viable at the moment
Improved supply and discounted prices of iron pellets in domestic market, makes import of pellets non viable said steel manufacturers based on Indian west coast. They mentioned that current offers for imported pellets are at around $150/t,CFR Kandla, where as landed cost for same grade in domestic market is cheaper by Rs 400-500/t.
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