Major Iron ore mines in Odisha like EMIL and Rungta have announced to cut offers for Iron ore lumps by Rs 475/MT, w.e.f 1st August.
Iron ore lumps 5-18 mm of Fe 63% now costs Rs 7,575/MT
(Loaded to wagon). Whereas, 5-18 mm of Fe 65% will now cost Rs 8,175/MT (Loaded
to wagon) after the price cut.
According to market players, “The price cut is in line
with the market expectations as supply of iron ore has increased from Odisha
sector and sponge prices are not in parity with current iron ore prices “.
NMDC, largest Indian iron ore miner is likely to conclude its second quarter prices sometime in August, market anticipates prices to go down by Rs 400-500/t.
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