Supreme court’s directive on temperorary suspension of mines working under second deemed renewal has made miners to raise their offers.
Rungta Mines Ltd, one of the largest merchant miners in Odisha with an annual production of 12 MnT has raised Iron ore lumps and fines prices by 400-500/MT.
According to company officials, low grade prices have been raised by INR 400/MT whereas high grade has been raised by INR 500/MT. Other operational mines may also follow suit.
Odisha Pellet manufacturers have kept bookings closed since 16th of May and this price increase will prompt Pellet makers to raise offers too.
Earlier today, Sponge prices all over India went up by INR 500-700/MT. Ex-works prices in India are hovering around INR 21,500-23,500/MT (USD 365-400).
Leave a Reply