Iron ore miners in Odisha have kept their iron ore prices unchanged for mid of May. Last increment made was of Rs 250/t on 1st of May 2012.
Market experts report that booking orders have been low at these levels, looking at falling sponge prices across India.
“Miners will not correct prices soon. Limited supply and lengthy procedures to get permits make situation critical. Though buying interest have been low at these prices and only big sponge manufacturers are buying as they have no other option. But small and medium sponge plants are out of picture now.” said a local iron ore trader based in Odisha.
Currently 5-18mm of iron ore having 62% Fe content is around Rs 7,000/t (Ex Mines) and iron ore fines of 63% Fe is offered around Rs 2,250-2,500/t (Ex-Mines).
PELLET MARKET
Looking at higher Iron ore prices, pellet manufacturers are reluctant to cut their offers despite weak buying interest. Pellets offered in Odisha are around Rs 9,700/t (Loaded) where as Tatanagar is offered at Rs 9,500/t (Ex-Plant)
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