Major merchant miners in Odisha have kept Iron ore prices unchanged as of now.
Odisha based major merchant miners have kept Iron ore prices unaltered. Rungta Mines, which produced 11.11 MnT Iron ore in FY15, has kept Iron ore prices unchanged. Other miners namely Indrani Patnaik & Serajuddin Mines have also kept their prices unchanged as of now.
Iron ore prices have remain unchanged in Jharkhand too. Rungta Mines is offering Fe 63% fines at INR 2,800/MT (as per loaded into wagons in Jharkhand).
A market participant highlighted that –“Sponge iron prices have fallen drastically in last one month, as a result of which Iron ore bookings have also reduced. There are chances that miners may reduce Iron ore prices due to increased Iron ore supply in the domestic market as the banned mines have been given lease extension on the basis of the new MMDR, Act”.
Iron Ore Prices
| State | Miner | Size | Grade (Fe %) | Prices (INR/MT) | W-o-W | M-o-M |
| Odisha | Rungta | 5-18mm | 63 | 5,550 | 0 | 0 |
| Odisha | Rungta | 10-30mm | 63 | 4,900 | 0 | 0 |
| Odisha | Rungta | Fines | 63 | 2,400 | 0 | 0 |
| Odisha | Serajuddin | 5-18mm | 63 | 4,850 | 0 | 0 |
| Odisha | Serajuddin | Fines | 63 | 2,250 | 0 | 0 |
| Odisha | Indrani Patnaik | 10-30 mm | 61 | 4,150 | 0 | 0 |
| Odisha | Indrani Patnaik | Fines | 62 | 2,250 | 0 | 0 |
| Odisha | Indrani Patnaik | Fines | 60 | 1,850 | 0 | 0 |
Prices as per loaded into wagons & including royalty
Source: SteelMint
Iron Ore Scenario in Odisha
- Odisha government modified the “Long term Iron ore linkage” for state based industries. Now upto 70% of its Iron ore production will be offered under the linkage by OMC against 50%. In addition, the state based small plants will also get an opportunity to enter into Long term linkage with OMC
- Odisha HC on 29 Apr, uphold the interim stay on the state cabinet’s decision to auction all mining leases of major minerals except coal. The state government has informed the court that 18 mines have been given lease extension on the basis of the new MMDR Act
- Rungta Mines was granted clearance for production enhancement by the Union MoEF at its Jajang Iron ore mines. EC has been extended from 5.5 MnT to 16.5 MnT
- Odisha government approved the lease extension of 26 mines and has asked miners to sign Supplementary lease deeds within 3 months from date of notification and the leases have to comply with all statutory clearances within the given time frame
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