Iron Ore prices are currently trading at an all time high, thanks to the mining ban in the state of Karnataka and Odisha which has been imposed on account of violation of forest laws and illegal mining.
“We have closed our bookings till the month of March and are unable to deliver to our regular customers,” said a senior official from Rungta Mines. “Our last deal for for Fe 62.5 was concluded at Rs. 7,400/t ( loaded to wagons),” he further added.
Iron Ore prices are unexpected to correct in the near future because of low production as most of the mines are closed in the state of Orissa and Karnataka. Miners in Karnataka are hopeful of a positive verdict from the Supreme Court and are expecting that the ban from some of the mines would soon be lifted.
Manufacturers of Pellets have raised their offers on account of the unavailability of the raw material Iron Ore and the increasing prices of Sponge Iron, reported market taders.
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