Iron ore lump bookings from Odisha by sponge manufacturers has remained slow, according to market sources report to SteelMint. Last week Serajuddin lowered iron ore lump offers by INR 300/MT. SteelMint’s assessment for 5-18mm (Fe 63%) stands at INR 3,700-3,900/MT (ex-mines). Few traders shared that bookings have remained slow. Amid steep decline sponge prices, market participants are eyeing for further price correction. C-DRI prices in Durgapur fell by INR 1,900/MT in last one month & currently seen at INR 15,800/MT.
India’s largest miner – NMDC is yet to announce the prices for the month of August. Few market sources indicated prices remaining unchanged; however, no official confirmation was received on the same till the time of publishing this report.
NMDC (Chhattisgarh) supplied total of 222 rakes (0.85 MnT) of iron ore in the month of Jul’19, down 28% against 310 rakes (1.19 MnT) a month before in Jun’19, according to railway movement data maintained with SteelMint. NMDC supplied 18 rakes (0.07 MnT) to state-based units in Jul’19, down 51% against 37 rakes (0.14 MnT) a month before.
Owing to the seasonal effect of monsoons dispatches from the mines moved down and loading time is also increased shared sources.
Leave a Reply