Essel Mining Cuts Iron Ore Lump Prices by Rs 400/MT (USD 6/MT)- Sources
Eseel Mining, a unit of Aditya Birla group is set to reduce its offers for iron ore lumps by Rs 400/t ($5.6). Essel Mining is one of the largest merchant iron ore miners with an annual capacity of 10 million tonnes per annum in the state of Odisha.
According to sources, prices after correction for 65% Fe calibrated iron ore lumps (5-18mm, suitable for DRI plants) stands at Rs 5,925 ($83.5) and 10-30mm ( used by Blast Furnaces, 65%) stands at Rs 5,525/t ($77.8) including royalty and taxes on FoR basis.
Price revision on iron ore fines cannot be confirmed at the time of publishing.
Essel Mining had raised its iron ore prices on 2nd week of Feb by Rs 400-500/t.
Reasons for price cut
1. Falling global iron ore prices, which increased after Vale damn disaster. Prices have dropped from $94/t to $84.8 on CIF China basis
2. Falling pellet prices in Indian domestic market on low export demand, which was the key factor on which Indian miners raised prices
3. Rising iron ore production by Odisha miners in order to use their existing EC limit for the financial year FY19
source: SteelMint
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