Bhubaneshwar, India
Rungta mines Ltd, one of the largest Indian merchant miner with an annual production capacity of 12 million tons, having mining operations in Odisha and Jharkhand, has cut its Iron Ore Lumps prices by 2% or Rs 150/MT for its May delivery.
Although, Iron ore fines prices have been kept unchanged.
Rungta mines Iron ore prices for May:
5-18 mm CLO Iron ore lumps with Fe% 65 – Rs 7,500/MT
5-18 mm CLO Iron ore lumps with Fe% 63 – Rs 7,100/MT
Iron ore fines with Fe% 63 – Rs 2,300/MT
(Prices loaded to wagons at major sidings in Barbil,Odisha, including royalty)
Iron ore lumps prices have been lowered over weak demand from Sponge iron manufacturers, especially when sponge iron prices in Indian market have fallen to almost 2 years low.
In April, Rungta mines had unchanged both Iron ore lumps and Iron ore fines prices.
In March, Iron ore fines prices turned down by Rs 350/MT to Rs 2,300/MT due to demand (low) and supply (high) mismatch and offers for Iron ore lumps were constant.
Other merchant miners based in Odisha / Jharkhand have not yet considered any alteration in prices for May.
Market participants do not expect other miners to cut their offers further and mentioned that Rungta's prices are much higher than other miners.
Current offers for 5-18mm CLO Iron ore with Fe% 63 is hovering in the range of Rs 6,000-6,200/MT (loaded to wagons, Barbil, Odisha, including royalty).
And, prices of 10-30 mm material of grade 62% is in the range of Rs 5,200-5,400/MT (loaded to wagons, Barbil, Odisha, including royalty).
NMDC is likely to declare its May Iron ore prices in the first week; manufacturers anticipate Iron ore lumps prices might come down.
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