Miner has cut lump prices by INR 400/MT (USD 6) for bulk bookings.
Odisha’s 2nd largest merchant miner- Serajuddin Mine has further reduced iron ore lump prices w.e.f today (28th Nov’18). SteelMint learned that miners’ current trade price for 5-18 mm (Fe 63%) around INR 4,700/MT (ex-mines, including Royalty, DMF & NMET).
This is miner’s 2nd price cut in a week’s time. On 24th Nov’18, the miner had cut prices by INR 300-400/MT.
Odisha based merchant miners were facing narrowed buying interest following which they were giving quantity discounts to stimulate the buying interest. Falling pellet prices and sponge offers have also put iron ore prices under pressure.
Essel Mining has already announced 2nd price cut yesterday.
Serajuddin mines are resumed operations at one of its blocks in Odisha in Oct’18. The operations were suspended owing to technical issues. This will add to supply of iron ore lump which was hampered from the past few months. Its production increased by almost 4 lakh tonnes in Nov post resumption of operations at one of its pits, as per sources.
Serajuddin mines Balda iron ore block has an EC limit of 15.15 MnT and produces around 10 MnT iron ore annually.
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