Rungta Mines, the largest merchant miner of Iron ore located in the state of Odisha has lowered its iron ore fines prices for the month of March.
“Prevailing market conditions where demand (low) and supply mismatch exists and exports have fallen sharply, has pushed us to offer iron ore fines at prices lower by Rs 350/MT for the current month.
We are now charging Rs 2,300/MT for high quality iron ore fines of Fe% 63.
On one hand, government totally ignored to look into the reduction of iron ore exports duty and on the other, has hiked the railway freight charges by 5% to Rs 125, when exports of the most important raw material has registered a drop of 68% in April 2012 to January 2013.
We are waiting to hear what Shah Commission's final report has to state about mining conditions in the state of Odisha”, a senior official at Rungta mines shared with SteelMint.
The company has decided to continue offering iron ore lumps at similar prices.
CLO iron ore lumps of Fe% 63 is quoted at Rs 7,250/MT and that of Fe% 65 stands at Rs 7,650/MT.
(Prices loaded to wagon, Odisha)
The total production of iron ore in 2011-12 stood at 13 million tons by Rungta mines, from both of Odisha and Jharkhand mines. Total production capacity of the mine stands at around 12 million tons.
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