Odisha based merchant miner, Essel Mining, has cut iron ore prices. Lump prices have fallen by INR 400/MT and fines prices have noticed a decline of INR 200/MT. The miner has dispatched about 0.6 MnT iron ore in first four months of this fiscal (i.e. Apr’15-July’15). Dispatches have reduced by 37% M-o-M to 0.13 MnT in July’15 .
Essel Mining Iron Ore Prices w.e.f 02 Sept’15
Size |
Grade (Fe %) |
Prices in INR/MT |
Change |
| 5-18 mm | 62 | 3,050 | -400 |
| 10-30 mm | 61 | 2,150 | -400 |
| 30-80 mm | 61 | 1,900 | NA |
| Fines | 63 | 1,475 | -200 |
Ex-mines prices inclusive of royalty
NA: Not Available
Source: SteelMint Research
Prior to this, Rungta Mines had also reduced iron ore prices. Price cut is likely to put other miners also under pressure following which, they might also cut their offers.
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