India: Odisha Iron Ore Miners Offer Further Discount on Rising Production

SteelMint in conversation with market participants learned that Odisha's 2nd largest merchant miner - Serajuddin Mines has further widened discounts on iron ore lump prices further today on bulk bookings.

As per sources, current offers for 5-18mm lump (Fe 63%) for bulk bookings is assessed at INR 3,700/MT (ex-mines, including Royalty, DMF & NMET).

Prior to this, the miner announced reduction in offers by INR 600/MT in lump to INR 4,000/MT in the beginning of April.

Trade participants reported that other major miners like KN Ram, KJS Ahluwalia have also lowered offers. Current offers for fines Fe 63% is assessed around INR 1,800-2000/MT (ex -mines, including Royalty, DMF & NMET).

Odisha - India's largest iron ore producing state has recorded Feb'19 production at 10.03 MnT, down 5% M-o-M. During FY'19 (Apr-Feb) Odisha iron ore production has increased by 12% to 98.6 MnT as against 88.05 MnT in the same period last fiscal FY'18.