Iron ore prices in domestic market have less scope of correction said most of the private miners based in Odisha (India). Prices have come down by almost Rs 1,000-1,500/t in last 3 months.
“Domestic prices are in line with international prices and we have seen some strength in global market.We do not see further cuts in iron ore prices. Sponge iron (DRI) prices are also stable all across India.” said Mr Patnaik, a miner based in Bhubhaneswar, Odisha.
With big steel manufacturers considering imports as an option, it will certainly put pressure on domestic iron ore prices. But prices looked to have bottomed out, he further added.
Current offers for 63% Fe CLO are hovering in the range of Rs 6,000-6,500/t (Ex-Mines Barbil,Odisha, Including Royalty). Where as 63% Fe fines are being offered in the range of Rs 1.900-2,050/t (Ex Mines Barbil, Odisha, Including Royalty).
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