Iron ore prices in India’s largest iron ore producing state remains under pressure. Rungta Mines have reduced the Lump prices by INR 250/MT and fines by INR 100/MT.
India’s largest merchant iron ore producer – Rungta Mines has today announced a further price cut. Prior to this the miner had reduced the prices on 6th of Jun’17 upto INR 250/MT owing to fallen sponge prices. The second revision in a row for the month is attributed to mainly a dull demand in the market due the GST implementation approaching. Today the miner has reduced Lump prices by INR 250/MT and fines by INR 100/MT.
It is to be noted that another large miner from the state Serajuddin Mines had reduced the Iron Ore Prices Up to INR 400/MT last week.
Rungta Mines iron ore prices
|
Size |
Grade (Fe %) |
Prices in INR/MT |
Change |
| 5-18 | 62 | 3,500 | -250 |
| 10-30 | 62 | 3,150 | -250 |
| Fines | 63 | 1,550 | -100 |
Loaded to wagons in INR/MT & incld Royalty, DMF & NMET wef 28th Jun’17.
Source: SteelMint Research
Iron ore output of Rungta Mines soared 30% Y-o-Y to 22.87 MnT in FY17. The miner registered a decrease of 16% M-o-M in its iron ore production for May’17 and it was at 1.78 MnT.
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