Serajuddin Mines, one of the largest merchant Iron ore miners in Odisha, has reduced Iron ore prices by INR 300/MT.
At present, Serajuddin Mines is offering Fe 63% (5-18 mm) Iron ore at INR 5,950/MT and fines of similar grade at INR 3,050/MT (including royalty). Balda Mines of Serajuddin has received an extended EC limit of 15.15 MnT from 4.5 MnT by Ministry of Environment & Planning.
On What grounds the Miner has cut Prices?
1. Deputy Director of Mines (DDM), Odisha has asked Serajuddin Mines to dispatch 7.5 MnT Iron ore in the last quarter of this financial year (Jan’15-Mar’15). Therefore, the miner has corrected prices in order to improve sales.
2. Indian Pellet prices come down by INR 850-1,000/MT in the last one month. Current offers are assessed in the range of INR 7,000-7,050/MT (as per loaded into wagons at Barbil).
3. Sponge iron (C-DRI) prices have also fallen drastically by INR 1,000-1,750/MT in the previous one month because of weak demand.
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