Essel Mining Industries and Rungta Mines, the largest merchant miners in Odisha, have kept their Iron ore prices unchanged for the month of September.
Fe 63% Fines is being offered at around INR 3,050/MT (as per loaded to wagons; including royalty) and CLO (Fe 62%) is offered at around INR 6,050/MT (as per loaded to wagons).
For some miners, it has come as a surprise for the fact that steelmakers especially located outside Odisha are struggling for the key raw material.
However, it was assessed that most of the medium miners are not offering Iron ore for steelmakers located outside Odisha owing to prevailing 50:50 rule, which says 50% of the production has to be reserved for state based industry.
“Miners are under pressure for selling ore to local companies as per 50% policy formulated by the state government. It does not make sense for them to raise prices when they have already exhausted their quota for sales outside state,” said one of the traders based in Barbil, Odisha.
Recently, two Sponge iron manufacturers located outside Odisha have filed a special leave petition in the Supreme Court against Odisha government’s policy of 50% reservation, for which hearing has to take place in 1st week of September.
Penguin Trading & Agencies is offering Iron ore Lump (5-18 mm) at INR 5,600/MT ex-mines (Koira) and fines at INR 2,650/MT.
Serajuddin Mines and Indrani Patnaik are offering Iron ore but only in Odisha.
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