Rungta Mines, one of the largest merchant miner of Iron ore with an annual production of around 12 million tonnes, having mining operations in the state of Odisha and Jharkhand, has raised offers by Rs 150-200/MT w.e.f September 03.
The miner has been able to raise Iron ore lumps (5-18 mm & Fe 63) offers after a long time period of 1 year and 4 months.
Previous to this, the increase in price had taken place by Rs 250/MT in May 2012.
Since June 2012, offers have either come down or been maintained.
Rungta Mines Current Iron Ore Prices:
Iron ore lumps (+200)
5-18 mm & Fe 65: Rs 6,700/MT
5-18 mm & Fe 63: Rs 6,400/MT
10-30 mm & Fe 65: Rs 6,050/MT
10-30 mm & Fe 63: Rs 5,870/MT
Iron ore fines (+150)
*Fe 63: Rs 2,250/MT
(Prices loaded to wagons at major sidings in Barbil, Odisha; Including royalty)
The miner has increased Iron ore offers due to rise in domestic prices of Iron Pellet and Sponge iron in the range of Rs 900-1,000/MT, in the last one month.
Rungta Mines, the largest exporter in private sector is quite hopeful of a 10% reduction in Iron ore export duty anytime soon.
Export of Iron ore fines have improved from the second week of August and current offers are standing in the range of US$137-138/MT CFR China, according to one of the officials.
The miner is expecting a further increase in export volumes of fines as demand from Chinese market look to improve in the days ahead.
For more details, contact
Seema Goenka
(seema@steelmint.com)
*Correction (previously mentioned as 2,350 instead of 2,250)
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