Increasing sponge iron prices spurs domestic iron ore prices.
Odisha’s largest merchant miner – Rungta Mines has yesterday (i.e. 26 Feb’17) raised iron ore lump prices up to INR 300/MT. However fines prices continue to remain unchanged.
Iron ore production from Rungta Mines was recorded at 16.67 MnT in FY17 (till Dec’16). Miner’s iron ore dispatches to domestic market in the same period stood at 12.41 MnT. The miner is also actively participating in iron ore exports and has exported 1.61 MnT iron ore so far in this fiscal (till Jan’17).
Odisha iron ore prices have gained strength amid sharp increase in sponge iron prices. C-DRI prices in eastern regions of India have increased up to INR 2,400/MT M-o-M.
Other Odisha based merchant miners are likely to follow the suit and hike prices in the coming days.
Rungta Mines iron ore prices w.e.f 26 Feb’17
|
Size (mm) |
Grade (Fe %) | Prices in INR/MT |
Change |
| 5-18 | 62 | 3,900 | +300 |
| 10-30 | 62 | 3,650 | +250 |
| Fines | 63 | 1,675 | = |
Prices loaded to wagons & incld Royalty, DMF & NMET
Source: SteelMint Research
Leave a Reply