Odisha based merchant miners continue to hold iron ore offers as of now. In talk with miners, SteelMint received a mixed response. Some miners shared that there are chances of increase in iron ore prices in the near term amid sharp increase in semi-finished steel prices.
It is to be noted that sponge iron prices in eastern India have climbed by about INR 2,000/MT in a month’s time.
However other miners shared that they are still going for wait & watch approach. Few market participants highlighted that trade volumes are not too high. Another factor that has hampered dispatches is the issued notification by Indian Railways according to which applicable free time for loading at Nayagarh (NYG) siding has been reduced from earlier 5 hours to 3 hours.
Merchant miners in Odisha had raised iron ore lump prices up to INR 300/MT in the last week of Feb’17. No revision in fines prices has been made so far.
Odisha iron ore prices as on 16 Mar’17
|
Miner |
Size (mm) | Grade (Fe%) |
Prices in INR/MT |
| Rungta Mines (Joda)* | 5-18 | 62 | 3,900 |
| 10-30 | 62 | 3,650 | |
| Fines | 63 | 1,675 | |
| Serajuddin Mines | 5-18 | 63 | 3,000 |
| Fines | 63 | 1,350 | |
| Essel Mining (Koira) | 5-18 | 62 | 3,350 |
| 10-30 | 61 | 3,250 | |
| Fines | 63 | 1,275 | |
| KJS Ahluwalia | 5-18 | 63 | 3,200 |
| 10-30 | 61 | 3,000 | |
| Fines | 63 | 1,375 | |
| Kaypee Enterprises | 5-18 | 63 | 3,100 |
| 10-30 | 62 | 2,900 | |
| Fines | 63 | 1,385 |
Ex-mines prices in INR/MT
*Prices as per loaded to wagons & inclusive of Royalty, DMF & NMET
Source: SteelMint Research
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