- Odisha’s Serajuddin mines slashed iron ore fines offer by INR 300/t
- Bids in SAIL’s Barsua iron ore fines auction fell against early Feb
- Bids for DR grade lumps in NMDC CG iron ore auction rose by INR 820/t
- Bids in NMDC Karnataka auction remains largely unchanged
SteelMint’s weekly index for Odisha iron ore fines (Fe 62%) assessed INR 5,200/t (ex-mines, including Royalty, DMF & NMET), stable w-o-w. Confirmed trades of 154,000t fines were recorded by SteelMint in this week.
Odisha-based Serajuddin & Co. reduced iron ore fines offer by INR 300/t this week.The current offer price for Fe 63% fines is heard at around INR 5,200/t ex-mines. However, offers for 5-18 mm lump have remained unchanged.
Steel Authority of India Ltd (SAIL) conducted an auction from its Barsua mines in Odisha on 23rd Feb. 104,000 t iron ore fines (Fe 60.8%) were put up for auction. Entire material put to auction received bids at INR 2,100-2,110/t (loaded into rakes and excluding royalty), SteelMint learned from sources. Bid prices have come down by INR 770/t against its previous auction held on 03 Feb’21.
In another confirmed trade, a miner has booked around 50,000t iron ore fines (Fe 63%) from its Odisha mines this week at INR 5,200/t (ex-mines, including royalty, DMF & NMET). Hence, both the deals of SAIL & Serajuddin were taken under consideration as T1 Trade and given 50% weightage in this index.
SteelMint has also received six (6) offers, indicative prices under T2 trade in this publishing window out of those five (5) were taken into consideration and given 50% weightage. To see SteelMint’s iron ore assessments, pricing methodology and specification documents,Click here.
Odisha iron ore prices
Bids remain largely stable in SAIL’s iron ore auction from Chhattisgarh: Steel Authority of India Ltd (SAIL) conducted an auction from its Rajhara mines (Chhattisgarh) on 26 Feb’21, for 84,000 iron ore fines (Fe 58.1-60.37%). Out of the total quantity offered only 28,000 t (Fe 60.37%) received bids at INR 3,350/t (loaded into rakes and including royalty). Bids have remained largely stable against its previous auction conducted towards early Feb’21.
DR-CLO receives active response in NMDC’s CG iron ore auction – NMDC conducted iron ore e-auctions on 25th Feb for 701,400t iron ore from its Chhattisgarh mines. Offered quantity comprised of 600,600 t of fines, 50,400 t DR CLO and rest comprised of lump and ROM. The DR-CLO lots received a good response and bids increased by around INR 820/t over the set base price, as it is still cost-effective than other substitutes. However, ROM lots fetched flat bids and that of lump moved up slightly by INR 80/t, SteelMint gathered from sources.
Bids remain stable in NMDC’s Karnataka iron ore e-auction – NMDC Kumarswamy mines recently conducted an iron ore e-auction on 23rd Feb’21. Out of the total 260,000 t put to auction 231,000 t iron ore was booked. JSW Steel bought 160,000 t iron ore in the auction followed by BMM Ispat Limited at 16,000 t. The iron ore lumps (Fe 62.02% ) was booked at INR 4,831/t as against INR 4,831-4,841/t in last e-auction conducted on 9th Feb’21.
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