SteelMint’s weekly index for Odisha iron ore fines (Fe 62%) has remained unchanged at INR 7,800/t (ex-mines, including Royalty, DMF & NMET). However, tightness of high-grade ore availability is still prevailing in the market which has supported prices and miners have kept offers unchanged against last week.
Rationale:
- One deal for 12,000 t fines (Fe 63%) has been concluded at around 8,000/t (ex-mines, including Royalty,DMF and NMET) this week. Therefore, it was considered for T1 trade after normalizing for publishing index grade Fe 62% and given 50% weightage.
- SteelMint has received thirteen (13) offers, indicative prices under T2 trade in this publishing window and twelve (12) were taken into consideration and given 50% weightage. To see SteelMint’s iron ore assessments, pricing methodology and specification documents Click here
Odisha iron ore prices:
NMDC’s iron ore auction from Chhattisgarh mines receives active participation: India’s largest iron ore miner – NMDC conducted iron ore e-auctions yesterday for 231,000t iron ore from its Chhattisgarh mines, out of which 180,600 t from its Bacheli mines and 50,400 t from Kirandul mines. According to market sources report to SteelMint, the auction received aggressive response with bids moving up by around INR 280/t in fines, INR 930/t in DR-CLO, INR 300/t in ROM and INR 600/t in lump over the set base price.
NMDC Chhattisgarh iron ore rake movement to state-based units down by 28% in Apr’21: NMDC’s iron ore rake movement from its Chhattisgarh mines to state-based steel units stood at 53 rakes in Apr’21 compared to 74 rakes a month ago, as per railway movement data maintained with SteelMint. Market sources highlighted iron ore dispatches from NMDC Chhattisgarh are getting hampered due to the prevailing COVID cases followed by lockdown resulting in a reduced number of shifts. The figure excludes movement through the slurry pipeline.
Bids rise in SAIL’s iron ore fines auction: Steel Authority of India Ltd (SAIL) conducted an auction on 28th April for 28,000 t iron ore fines from its Rajhara mines in Chhattisgarh. They have received bids for all the material offered at INR 4,600/t (Loaded, including Royalty, DMF and NMET) according to market sources report to SteelMint. The material put to auction was of grade ranging from Fe 60.3% and fetched INR 1,250/t above the last auction held on 26th March’21.
Karnataka : 94% of iron ore booked in recent Kumarswamy e-auction
NMDC Kumarswamy mines recently conducted an iron ore e-auction on 27th Apr’21. 183,000 t iron ore was sold out of the total 195,000 t put to auction. JSW Steel Limited bought 152,000 t iron ore followed by SLR Metaliks Ltd at 12000t and Mukund Ltd at 8,000 t.
Goa: Chowgule Group’s Mandovi pellet plant resumes operation after over nine years: Chowgule Group’s Mandovi pellet has restarted its full-fledged operations at its 1.8 mn t pa plant, the company informed in its Twitter handle. The plant has resumed operations after a gap of about nine years after operations had been halted in 2012 after a mining ban was imposed in Goa and Karnataka.
The company bought 12,000t fines (Fe 63.33-65) in the Karnataka auction conducted on 24 Apr at INR 3,890-5,000/t (basic)
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