Rungta Mines Raise Iron Ore Prices

Lump prices up by INR 250/MT and fines by INR 100/MT.

Odisha’s largest merchant iron ore miner-Rungta Mines has increased iron ore prices. Lump prices have moved up by INR 250/MT and fines prices by INR 100/MT.

“Favorable market conditions and increasing sponge iron prices has lead to rise in iron ore prices”, shared a company source.

Rungta Mines’ is Odisha’s largest merchant iron ore producer and has produced 6.77 MnT iron ore in first four months of this fiscal compared to 5.22 MnT in the same period last fiscal.

Rungta Mines iron ore prices w.e.f 18 Sept’16

Prices as per loaded to wagons & inclusive of Royalty, DMF and NMET
Source: SteelMint Research

Prior to this, Essel Mining has also raised iron ore prices by INR 100-250/MT. It is expected that other merchant miners will also follow suit and increase prices in the coming week.