East India based market participants are expecting further price cut in iron ore in the coming week. Prices are expected to come down by INR 100/MT.
In the 2nd half of Jun’16, market sources shared that two major merchant miners were seen giving rebate of INR 100-125/MT. However their official confirmation was awaited.
Odisha based merchant miner – Essel Mining had reduced iron ore prices by INR 125/MT towards the end of Jun’16.
Current offers of Essel Mining (Koira)
|
Size (mm) |
Grade (Fe %) | Prices (in INR/MT) |
Change (in INR/MT) |
| 5-18 | 62 | 2,025 | -125 |
| 10-30 (Sc) | 61 | 1,375 | -125 |
| Fines | 63 | 1,050 | -125 |
ex-mines prices, inclusive of Royalty, DMF & NMET
Source: SteelMint Research
Rest other miners continued to hold offers. Trade participants shared that miners were seen giving discounts of upto INR 200/MT on bulk quantity purchases.
An Odisha based trader quoted “sponge iron prices have shown some strength today. They are seen hovering at INR 10,300/MT for 80 FeM (ex-works). I expect there is still scope of INR 100/MT in Odisha iron ore prices in the nera term”.
Trade-wise:
KN Ram iron ore prices are as follows: 5-18 mm (Fe 63%) – INR 2,300-2,350/MT and fines (Fe 63%) – INR 1,400/MT (loaded to wagons, incld royalty, DMF & NMET).
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