Odisha based merchant miner-Essel Mining has cut iron ore prices. Both lump and fines prices have witnessed reduction of INR 150/MT. The miner had last revised prices in the beginning of Dec’15 since then prices have remained unchanged for around 2 months.
Consistent decline in prices of semi-finished steel products and weaker market sentiments have led to reduction in prices.
“Persistent sluggish demand of finished and semi-finished steel products has pressurized the prices and have already touched years low. Following this, prices of iron ore have also been reduced” shared a market participant.
In the time period (Apr’15-Dec’15) Essel Mining has produced 1.83 MnT iron ore and dispatches stood at 1.63 MnT in the same time frame.
Essel Mining (Koira) iron ore prices w.e.f 01 Feb’16
| Size (mm) | Grade (Fe %) | Prices in INR/MT | Change |
| 5-18 | 62 | 2,050 | -150 |
| 10-30 (Sc) | 61 | 1,400 | -150 |
| Fines | 63 | 1,275 | -150 |
Ex-mines prices & inclusive of Royalty
Source: SteelMint Research
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