Odisha Miners may Revise Iron Ore Prices Next Week

Odisha merchant miners who revise iron ore prices on a fortnightly basis are likely to revise iron ore prices next week around 5th to 8th Jan’16.

While talking to Odisha iron ore merchant miners SteelMint received mixed response.

Some market participants highlighted that there are chances of lump prices moving up and reduction in prices of fines.

As there have been decent bookings for lump last month due to sharp increase of INR 1,900-2,200/MT M-o-M in prices of C-DRI in eastern parts of India, lump prices may increase .

Fines prices may witness reduction as majority of pellet plants in eastern India have closed merchant sales leading to less dispatches of fines from Odisha miners.

While on the other hand some other miners expect that iron ore prices might roll over for 1st half of Jan’16.

Odisha miners had last revised prices in the beginning of Dec’15 whereby they had cut lump prices by INR 100-250/MT and kept fines prices unchanged. Current offers are as follows-5-18 mm (Fe 63%): INR 2,050-2,150/MT, 10-30 mm (Fe 63%)- INR 1,900-2,050/MT and fines (Fe 63%) INR 1,400-1,450/MT (ex-mines prices in INR/MT and inclusive of Royalty).