Rungta Mines has reduced lump prices by INR 650/MT and fines by INR 600/MT; both in Odisha & Jharkhand.
One of the major merchant miners, Rungta Mines has further corrected Iron ore prices. The miner has reduced Iron ore lump prices by INR 650/MT and fines prices by INR 600/MT; both in Odisha & Jharkhand.
The miner has corrected its prices for the third time in this month. It had last reduced its prices on 10 Jan, 2015. Subdued demand has compelled the miner to cut prices.
Rungta Mines (Odisha) Iron Ore Prices
| Size (mm) | Grade | Prices | Change |
| 5-18 | 65 | 6,350 | – 650 |
| 5-18 | 63 | 6,050 | – 650 |
| 10-30 | 65 | 5,700 | – 650 |
| 10-30 | 63 | 5,300 | – 650 |
| Blue Dust/Fines | 63 | 2,700 | – 600 |
| Blue Dust/Fines | 60 | 1,900 | – 600 |
| Blue Dust/Fines | 57 | 1,325 | – 600 |
Prices in INR/MT as per loaded into wagons; including royalty
Source: SteelMint Research
Major merchant miners have been reducing Iron ore offers. Recently, Indrani Patnaik and Serajuddin Mines have also reduced Iron ore prices by INR 550/MT and INR 600/MT respectively.
Sponge iron (C-DRI) prices have also fallen by upto INR 1,000/MT (M-o-M) across India.
Rungta Mines (Jharkhand) Iron Ore Prices: Rungta Mines is offering Fe 63% fines at INR 3,000/MT (as per loaded into wagons in Jharkhand).
OMC Iron Ore E-auction receives Poor Response
Falling Iron ore and Pellet prices by merchant manufacturers have hit recent OMC (Odisha Mining Corporation) Iron ore auction of 387,000 MT. Sources report only 10% of material has been sold.
Steel manufacturers prefer souring Iron ore from private merchant manufacturers like Rungta, Indrani Patnaik and Serajuddin.
NMDC Iron Ore Prices under pressure
NMDC’s Iron ore prices have come under tremendous pressure after merchant miners slashed prices over INR 1,000/MT in last one month. NMDC is largest and state-owned miner with an annual production of 30-31 MnT.
The company had kept prices unchanged for January deliveries.
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