Iron ore miners namely Rungta mines and Essel mining based in the state of Odisha, the largest Iron ore producing state in India, have raised Iron ore lumps and fines prices by INR 200/MT, for the month of December 2013.
Rungta mines December Iron ore Prices (INR/MT) :
Iron ore lumps
5-18 mm & Fe 65 : 7,100
5-18 mm & Fe 63 : 6,800
10-30 mm & Fe 65 : 6,450
10-30 mm & Fe 63 : 6,270
Iron ore fines
Fe 63 : 2,650
Prices loaded to wagons at major sidings in Barbil, Odisha; Including royalty
Essel mining December Iron ore Prices (INR/MT):
Iron ore lumps
5-18 mm & Fe 63 : 6,775
10-30 mm & Fe 63 : 6,025
Iron ore fines
Fe 63 : 2,675
Prices loaded to wagons at major sidings in Barbil, Odisha; Including royalty
Miners mentioned that Iron ore prices have gone up owing to improved demand and low production of the raw material. Sponge iron offers have strengthened up to INR 500/MT in the last one month.
Serajuddin mines have excavated the entire production of Iron ore which was allowed in FY14. Indrani Patnaik is considering to take booking orders for only limited quantities of the raw material and R P Sao mines remain closed.
NMDC likely to declare Dec Iron Ore Prices on the 3rd
NMDC, a state owned and India’s largest Iron ore miner with 32 MnT pa production capacity, might declare prices on the 3rd. The miner revises Iron ore prices on a monthly basis.
Miners in Odisha have increased offers amid low output and better buying volumes. NMDC’s Iron ore production increased in the month of November, in comparison to October.
Sponge iron market is looking up because of shortage of Scrap in domestic market. Also, landed cost of imported Scrap is costly as INR is at 62 against USD, pushing up domestic prices of Sponge iron and Scrap. The couple of reasons indicate that there is scope of some addition to NMDC’s prevailing Iron ore prices.
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