India: Serajuddin Mines in Odisha Cut Iron Ore Fines Prices by INR 100/MT

Serajuddin Mines that is one of the largest Odisha based merchant miners have today announced reduction in its iron ore prices. Fines prices have come down by INR 100/MT.

According the miner the damp weather has affected the demand for the steelmaking raw material as there is preference for pellets as it remains dry for longer period and majority of sponge manufactures have shifted to using an alternative feeder i.e. pellet. Moreover the logistic issues with Railway rakes during rainy season have impacted the transport weakening the market.

Prior to this on 22^nd June Serajuddin Mines had revised the prices and reduced Lump prices by INR 400/MT and fines prices by INR 150/MT.

Serajuddin Mines occupied a share of 12% in Odisha’s iron ore production for FY17 and remained Odisha’s ^2nd largest merchant iron ore producer. Its output was recorded at 10.89 MnT in FY17 against 10.15 MnT in previous fiscal.

Serajuddin Mines iron ore prices

Ex-mines prices in INR/MT, including Royalty, DMF & NMET, GST@5% extra wef 27^th Jul, 2017
Source: SteelMint Research