Iron ore prices in Odisha have increased further due to tight availability in merchant market. Miners like Rungta, Essel Mining raised fines offer by INR 200-250/t. Orissa Mining Corp has raised iron ore base price by INR 200/t for upcoming auction. NMDC is yet to announce its price revision.
India’s state-owned steelmaker, Steel Authority of India Limited (SAIL) has sold over 1.5 mnt t of iron ore fines in the merchant market through auctions so far in CY’20 (till Oct) as per data maintained with SteelMint.
Odisha – Amid scarcity of ore Aditya Birla Group-owned – Essel Mining has increased iron ore fines price by INR 300/t. Followed by another major miner – Rungta mines has raised iron ore fines price by INR 250/t, as per the sources.
Odisha’s leading miner – Odisha Mining Corp (OMC) has scheduled its next iron ore e-auction on 3rd Nov’20. The auction is being conducted for 545,000 t iron ore fines. The miner has increased the base price by INR 200/t against last auction’s base price held in Sep’20.
Base prices in INR/t on ex-mines basis; including royalty
Source: SteelMint Research
Karnataka – In a recent Karnataka e-auction held on 21st Oct’20, sold quantity totaled to 300,000 t (272,000 t iron ore fines and 28,000 t lumps) from a total of 365,000 t. The bids in the auction increased upto INR 520/t. JSW Steel Ltd stood the largest buyer at INR 132,000 t followed by BMM Ispat Ltd at INR 64,000 t. Veerabhadrappa Sangappa & Company stood the largest supplier at INR 108,000 t followed by Vedanta Ltd at INR 100,000 t.
India iron ore prices-:
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