Rungta mines, having mining operations in Odisha as well as Jharkhand, has decided to maintain prices for the rest of May, at levels similar to the beginning of the month.
The miner had lowered prices of lumps by (2%) Rs 150/MT in the begining of May, looking at weak buying interest from sponge iron units.
Rungta mines current Iron ore prices:
5-18 mm CLO Iron ore lumps with Fe% 65 – Rs 7,500/MT
5-18 mm CLO Iron ore lumps with Fe% 63 – Rs 7,100/MT
Iron ore fines with Fe% 63 – Rs 2,300/MT
(Prices loaded to wagons at major sidings in Barbil,Odisha, including royalty)
There is no such reason on which iron ore prices might find support in the present day. Steel market has not met with any major improvement in demand yet. Hence, prices remain stable.
In FY 2012-13, the miner's output stood at 10.5 MnT, according to industry sources.
In FY 2013-14, Odisha has set a production target of 57 MnT, where Rungta mines contribution might stand at around 10 MnT.
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