India: Rungta Mines & Essel Mining roll over Iron Ore Prices

Odisha’s largest merchant miners namely Rungta Mines & Essel Mining have kept Iron ore prices unchanged for first half of Dec’14.

Rungta Mines, which produced 12.8 MnT Iron ore in FY14 has kept its Iron ore offers unchanged. The miner had last increased its prices on 15th November, 2014.

Rungta Mines (Odisha) Iron Ore Prices

Prices in INR/MT; as per loaded to wagons & including royalty
Source: SteelMint Research

Ghanashyam Misra & Sons, has mining operations in Gorumahisani, Mayurbhanj district of Odisha and environmental clearance (EC) of 0.75 MnT pa. Persistent conditions of short supply has compelled the miner to offer raw material at the below mentioned prices.

Ghanashyam Misra & Sons Current Iron Ore Prices

Prices in INR/MT as per loaded into wagons; including royalty
Source: SteelMint Research

Essel Mining, which produced 3.2 MnT Iron ore has also kept prices unchanged. Indrani Patnaik is not offering Iron ore as of now. Whereas, Serajuddin, another big merchant miner is clearing its outstanding orders and is yet to resume fresh bookings with revised prices. In addition, miners are yet to receive update from Odisha government regarding liquidation of stocks lying at mines head.

Jharkhand Iron Ore Prices remain Unchanged: Rungta (Jharkhand mines) has kept its prices unchanged in Jharkhand. Fe 63% fines is being offered at INR 4,000/MT (as per loaded to wagons in Jharkhand).

Sponge Iron ore prices have fallen amid low steel demand. Thus, miners have not raised Iron ore prices as they would fail to pass on the hike to Sponge iron units.