Rungta Mines, one of the largest merchant miner of Iron ore having mining operations in the state of Odisha and Jharkhand, has unchanged Iron ore prices for mid-August.
The miner revises its Iron ore prices on a fortnightly basis, taking into considering the market conditions and is the price setter for mining industry based in the eastern region of India.
Rungta Mines current Iron ore prices:
Iron ore lumps
5-18 mm & Fe 65: Rs 6,500/MT
5-18 mm & Fe 63: Rs 6,200/MT
10-30 mm & Fe 65: Rs 5,850/MT
10-30 mm & Fe 63: Rs 5,670/MT
Iron ore fines
Fe 63: Rs 2,200/MT
(Prices loaded to wagons at major sidings in Barbil, Odisha; Including royalty)
Mid-August prices remain constant as buying volumes in lumps have improved after the miner pulled down offers twice, in the previous one month and demand in fines continues to be decent.
The miner had lowered lumps prices by Rs 600/MT in last one month
Sponge iron units were procuring lumps in limited quantities and maintained operations at minimum levels in order to continue production.
Also, availability of Iron Pellets in sufficient quantities and at quite low prices in the state of Odisha, impacted sales of lumps in large.
Hence, offers in lumps came down by Rs 600/MT i.e. by Rs 400/MT on August 2 and by 200/MT on July 16, looking at poor off take.
Since June 2012, Rungta Mines has been unable to raise lumps prices
From October 2012 to April 2013, prices were maintained at Rs 7,650/MT (5-18 mm & Fe 65) and Rs 7,250/MT (5-18 mm & Fe 63).
It has slashed 5-18 mm & Fe 65 lumps prices by 23% in a span of 16 months, which was quoted at Rs 8,450/MT in April 2012.
5-18 mm & Fe 63 lumps prices, which was standing at Rs 7,850/MT in April 2012, has come down by 21% in the similar time period.
(Prices loaded to wagons & including royalty)
For more details, contact
Seema Goenka
(seema@steelmint.com)
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