SteelMint’s Odisha iron ore lump index has come down by INR 200-400/t and that of high grade fines by INR 50-100/t w-o-w. End users cited less buying interest at increased offers. India’s largest iron ore miner – NMDC raised iron ore prices upto 14% for Dec’20. Domestic iron ore supplies in India are likely to ease as NMDC resumed operations at Donimalai mines after a gap of 2 years.
SteelMint’s index for Odisha iron ore fines (Fe 62%) index stood at INR 6,150/t (ex-mines, including Royalty, DMF & NMET). One of the merchant miners from Odisha sold around 100,000 t iron ore fines (Fe 60.5%) at INR 5,350/t (ex-mines, including Royalty, DMF & NMET). This has been considered as confirmed trade for index calculation after normalizing for grade and tax terms. Apart from this, SteelMint received seven offers, indicative prices in this publishing window. To see SteelMint’s iron ore assessments, , pricing methodology and specification documents, Click here
Odisha’s state-owned miner- Odisha Mining Corporation (OMC) had sold 910,000 t iron ore lumps in the recent auction concluded on 2nd Dec. They have received an overwhelming response with the hike in bids upto INR 3,800/t over base price.
Chhattisgarh-: India’s state-owned iron ore miner – National Mineral Development Corporation (NMDC) has announced the price of hike in iron ore for Dec’20. Prices have increased further upto 14% for its Chhattisgarh based mines.
NMDC has scheduled auctions for 75,600 t iron ore from Chhattisgarh mines on 10 Dec ’20. 50,400 t will be auctioned from its Bacheli mines and 25,200 t from Kirandul mines. Offered quantity comprises DR CLO, fines, lump & ROM.
Karnataka – In a recent Karnataka e-auction held by private miners on 1st Dec’20, out of the total 497,955 t iron ore put to auction, 406,000 t (278,000t fines and 128,000 t lumps) was sold. The bids in the auction increased upto INR 2,480/t ($34). JSW Steel stood the largest buyer in the auction at 136,000 t iron ore followed by BMM Ispat Limited at 68,000 t. The bid price of fines (Fe 52.75% – 65%) stood at INR 850-5,620/t.
As per the SteelMint sources NMDC has hiked iron ore fines and lumps prices by INR 350- 400/t respectively from Karnataka mines. However, official price list confirmation is still awaited. NMDC has resumed mining operations at its Karnataka-based Donimalai mines after receiving permission from the state government on interim measure. The miner has started operations on mutually agreed additional payment of 22.5% of sale price (excluding royalty and other levies).
India iron ore prices-:
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