Major merchant miners in Odisha have kept iron ore prices unchanged as of now. Earlier last month, major miners increased prices of the lump by INR 500/MT and fines by INR 300/MT.
Also, domestic pellet prices in eastern India have fallen sharply amid limited trades and dull buying interest of sponge manufacturers. In eastern India, domestic pellet prices have moved down significantly by about INR 600-900/MT in last one month.
The Supreme Court conducted hearing on Odisha illegal iron ore mining on 30 Jan’18. Out of five iron ore working mines that were asked to shut down operations, two among them have made the payment. As per market sources report to SteelMint, Essel Mining and IDCOL have submitted the penalty amount in the Apex Court. The Apex court condoned the delay and granted IDCOL permission to operate the mines subject to payment of 12% interest for 11 days.
In case of Essel Mining further direction from the Apex Court is still awaited and ten days time has been granted for verification of EC and FC clearances. The next hearing for the same is scheduled on 09 Feb’18 in Supreme Court.
| Miner | Size | Grade (Fe %) | Prices in INR/MT |
| Rungta Mines* | 5-18 | 62 | 5,800 |
| 10-30 | 62 | 5,450 | |
| Fines | 63 | 2,750 | |
| KJS Ahluwalia | 5-18 | 62 | 5,150 |
| 10-30 | 62 | 4,500 | |
| Fines | 63 | 2,325 | |
| Kaypee Enterprises | 5-18 | 62 | 4,650 |
| 10-30 | 62 | 4,400 | |
| Fines | 63 | 2,325 | |
| Indrani Patnaik | 5-18 (Cr) | 63 | 5,100 |
| 10-30 | 62 | 4,500 | |
| Fines | 62 | 2,350 |
*loaded to wagons including Royalty, DMF & NMET
Ex-mines prices including Royalty, DMF & NMET
GST@5% extra
Source: SteelMint Research
It is to be noted that NMDC has also kept prices unaltered for Feb’18 with a slight reduction of INR 30/MT in DR-CLO.
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