Rungta mines ltd ,one of the largest private miner in Odisha India, have cut offers for iron ore fines by Rs 300/t ($5.50) w.e.f 29th September, lumps prices have been kept unchanged, said a company official.
Falling iron ore prices in international market have weighed on exports from India. Also high freight and duty charges have made exports nonviable. Current offers for 63% Fe stand at Rs 2,650/t (loaded to wagons, incld royalty).
“Domestic demand for iron ore fines will not make up for exports for at least 2-3 years. Many miners in Odisha are selling iron fines at a discounted rate. 63% Fe fines is trading at Rs 1,700-1,800/t (Ex Mines, Incld Royalty).” said a large iron ore trading firm based in Kolkata.
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