Odisha’s major merchant miner-Rungta Mines has reduced Iron ore prices by upto INR 400/MT w.e.f 10 May’15.
Rungta Mines has reduced fines prices by INR 50-150/MT and lump prices by INR 400/MT w.e.f 10 May’15. Rungta Mines, remained the largest Iron ore producer in Odisha at about 11.11 MnT in FY15. In Apr’15, the miner was granted clearance for production enhancement at its Jajang Iron ore mines. The EC has been extended from 5.5 MnT to 16.5 MnT.
Recently, the state government, while considering the recommendations of the inter-departmental committee, had allowed reopening of 29 mines, including 26 which had remained closed following a Supreme Court verdict in May, 2014. Of these, 25 are iron and manganese ore mines. The mines will be reopened as per the provisions of the new Mines and Mineral (Development and Regulation) Act, 2015 which allowed operation of the non-captive mines till 2020 and captive mines till 2030 as per sections 8(A) 5 and 8(A) 6.
10 mines have signed supplementary lease deed with the government and are expected to resume operations soon. These mines are KJS, Kapee, AMTC, KN Ram, KMC, Rungta and OMM.
Iron Ore Prices in Odisha
| Miner | Size | Grade (Fe %) | Prices (INR/MT) |
M-o-M |
| Rungta | 5-18mm | 63 | 5,150 | -400 |
| Rungta | 10-30mm | 63 | 4,500 | -150 |
| Rungta | Fines | 63 | 2,250 | -150 |
| Rungta | Fines | 60 | 1,800 | -50 |
| Serajuddin | 5-18mm | 63 | 4,350 | -500 |
| Serajuddin | Fines | 63 | 2,050 | -200 |
| Indrani Patnaik | 5-18mm | 63 | 4,000 | -750 |
| Indrani Patnaik | 10-30 mm | 61 | 3,500 | -550 |
| Indrani Patnaik | Fines | 62 | 1,850 | -300 |
| Indrani Patnaik | Fines | 60 | 1,500 | -250 |
Prices as per loaded into wagons & including royalty
Source: SteelMint
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