Indian iron ore lump prices which had been kept unchanged for last one month, might see some sign of softness in coming weeks, said Industry experts.
“Iron Ore prices in domestic market are too high. Over falling sponge prices and improved supply of iron ore from Odisha will put prices under pressure. I will not be amused if prices correct by 300-500/t in July.” said an Industry veteran.
Also in current week, OMC tender prices went down by 5-7%, which indicates that buyers are unwilling to pay anything high, he further added.Sponge prices across India have corrected almost rs 1,000/t (i.e. 5%-6%) in last one month, he further added.
Currently big miners in Odisha are quoting Rs 8,450 for their 63% Fe material , where as medium to small miners are in the range of Rs 7,000-7,500/t.
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