Market sources reported to SteelMint that major merchant miners in Odisha have cut iron ore prices by INR 100-200/MT.
However company officials are yet to confirm the price reduction. It is expected that in the coming 2-3 days or by the end of this month the officials will confirm the reduced prices.
As per the reports of trade sources, prices of fines (Fe 63%) which was earlier seen at INR 1,175/MT have now come down to INR 1,075/MT. And prices of lump (5-18 mm, Fe 62%) which was at INR 2,150/MT has reduced to INR 2,050/MT (Prices mentioned are ex-mines & inclusive of Royalty, DMF & NMET).
Sponge iron prices in eastern India have witnessed some strength this week and have gone up by INR 200-350/MT W-o-W.
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