Rungta Mines Revised Iron Ore Prices

Rungta Mines reduce iron ore prices on high inventory.

Odisha based merchant miner, Rungta Mines, has cut iron ore prices. The miner produced 6.62 MnT iron ore and dispatched 4.22 MnT iron ore in first seven months of this year (Jan’15-July’15).

Rungta Mines Iron Ore Prices w.e.f 28 Aug’15

Cr-Crushed
Prices as per loaded to wagons, including royalty

While talking to SteelMint, some market participants shared that Rungta Mines is also offering screened iron ore 5-18 mm (Fe 60-61) at INR 3,050/MT and 10-30 mm at INR 2,850/MT. However, company officials are yet to confirm these offers.

Sources say that other miners may reduce prices by INR 100-200/MT owing to price cut by Rungta Mines. Dispatch data also confirms that inventory of Odisha miners has increased in past two months over increased production and comparatively lesser dispatches. Such major cut in price by Rungta will surely pressurize miners in Odisha and Chhattisgarh to reduce prices further.