Odisha’s largest merchant iron ore miner-Rungta Mines has reduced lump prices w.e.f today (19 May’16). Lump prices have come down by INR 100-150/MT however fines prices continue to remain unchanged.
Lump prices have witnessed reduction on the backdrop of decline in sponge iron prices. C-DRI prices in eastern India have declined by INR 600-700/MT M-o-M. Currently prices for 78 FeM in Rourkela are observed at INR 10,300/MT (ex-works).
Rungta Mines remained Odisha’s largest iron ore producer in FY16. Its iron ore production ramped up by 66% Y-o-Y to 17.6 MnT in FY16 against 10.6 MnT in FY15.
Rungta Mines iron ore prices w.e.f 19 May’16
|
Size (mm) |
Grade (Fe %) | Prices in INR/MT |
Change |
|
Joda mining circle |
|||
| 5-18 | 62 | 2,650 | -100 |
| 10-30 | 62 | 2,500 | -150 |
| Fines | 63 | 1,550 | 0 |
|
Koira mining circle |
|||
| 5-18 | 62 | 2,650 | -100 |
| 10-30 | 62 | 2,500 | -150 |
| Fines | 63 | 1,750 | 0 |
Prices as per loaded to wagons & inclusive of Royalty, DMF & NMET
Source: SteelMint Research
Prior to this KJS Ahluwalia and Kaypee Enterprises had also cut iron ore prices by upto INR 150/MT w.e.f 16 May’16. Other Odisha based merchant miners continue to hold offers as of now, but with major miners reducing offers they may also follow the suite.
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