It is reported that big miners in Odisha have cut iron ore lump prices by Rs 400/t with effective from 1st July 2012 on falling sponge prices across India.
“We have cut our offers by Rs 400/t, now high grade of 65% will cost Rs 8,650/t (Loaded to Wagons) and 63% will cost Rs 8050/t (Loaded to wagons).” said marketing manager of mines based in Odisha.
Whereas iron fines prices are kept unchanged , he further added.
“Sponge iron prices have corrected almost Rs 500-1,000/t in last one month. With slowing demand and high power costs, it was expected that iron ore prices will correct.” reported a sponge manufacturer based in Raipur, (Chattisgarh).
A week back Orissa Mining Corporation,a state miner,fetched bids lower by 5-7% for July- September.
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