With Shah's commission's probe in illegal mining in the state of Odisha has hampered supplies of iron ore to domestic mill. Despite this miners have kept their prices unchanged for mid November over weak demand and stagnant sponge iron prices in Indian market.
“There is nothing to cheer about for iron ore miners in Odisha, most of the mines are closed on excessive mining and no new permits are being granted to mines which are operational. Over that sponge prices across country are subdued, so is the demand for iron ore. Exports of iron fines are drying out resulting in piling up of stock at mines head.
Most of big miners have kept their mid- November prices unchanged, as no one wants to block their capital when there is uncertainty in the market. Also NMDC's cut in iron ore prices have impacted the market sentiment.” said an executive at a mining company based in Odisha.
Current offers from Rungta mines stands at Rs 7,650/t for 65 Fe CLO , loaded to wagons in Odisha, where as iron fines of Fe 63 offered at Rs 2,000-2,300/t (ex mines Odisha).
Leave a Reply