Rungta Mines, Odisha’s one of the largest merchant Iron ore miner with an annual production of over 10 MnT has cut Iron ore prices upto INR 300/MT.
Rungta Mines & Essel Mining, the largest merchant miners in Odisha, have cut their lump prices by INR 300/MT and fines prices by INR 200/MT. This is the second time in 2014.
Rungta & Essel Iron Ore Prices for April 2014
|
Rungta Mines |
||
|
Size (in mm) |
Grade |
Prices (INR/MT) |
|
5-18 |
65 |
6,600 |
|
5-18 |
63 |
6,300 |
|
10-30 |
65 |
5,950 |
|
10-30 |
63 |
5,550 |
|
Fines |
63 |
2,450 |
|
Essel Mining |
||
|
5-18 |
63 |
6,275 |
|
10-30 |
63 |
5,525 |
|
Fines |
63 |
2,475 |
Prices are loaded to wagons, including royalty & taxes extra
Source: SteelMint
Odisha is the India’s largest Iron ore producing state with an annual production of over 62 MnT. Out of which around 35 MnT is available for merchant sale and 27 MnT for captive use. In line with Essel & Rungta, other miners are likely to revise their prices soon. Market participants say, Iron pellet prices play an important factor in determining Iron ore prices in Indian market. With increasing availability of Pellets, lot of Sponge manufacturers have increased their feed of Pellets for Sponge making. Pellet prices have been falling consistently from Feb’14, since Indian Government had imposed an export duty of 5% on Pellets. Pellet prices have corrected upto INR 1,200/MT in last 2-month. Current offers for Fe 63% is hovering at INR 6,300/MT (loaded to Wagons at Barbil, Odisha).
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