Essel Mining and Industries Limited, a company of Aditya Birla Group and one of the prominent Iron ore miner, having mining operations in the state of Odisha, have raised Iron ore offers w.e.f September 01.
Prices of high grade (Fe 63) Iron ore lumps and fines move up by Rs 200/MT. Whereas, offers for low grade material (below Fe 60) has been increased by Rs 150/MT.
EMIL September Iron ore Prices (Rs/MT):
Iron ore lumps
5-18 mm & Fe 63: 6,375 (+200)
10-30 mm & Fe 63: 5,625 (+200)
Iron ore fines
Fe 63 2,275 (+200)
(Prices loaded to wagons at major sidings in Barbil (Odisha); including Royalty)
In the last one week, Sponge iron prices have moved up by Rs 1,200/MT in the eastern region and Indian steel prices have witnessed a sharp increase in a week's time.
Iron ore production in Odisha has come down slightly in the recent past owing to monsoon and increase in moisture content.
Also, availability of Iron Pellet in domestic market is quite less as Odisha based manufacturers are offering limited quantity to domestic takers and concentrating on export market.
Pellets were being offered at quite lower prices in the month of June and have gained Rs 1,000/MT in the last one month.
Hence, the above mentioned factors have pushed the miner to hike Iron ore prices for September delivery.
Iron ore prices of other Odisha based miners are also expected to increase by around Rs 200/MT.
NMDC, Nations largest state owned miner, is likely to revise September Iron ore prices in the current week.
For more details, contact
Seema Goenka
(seema@steelmint.com)
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