Indian Miners Raise Iron Ore Fines Prices on Rising Exports
According to trade sources report to the SteelMint, few Odisha based major merchant iron ore miners are heard to increased iron ore offers by INR 200/MT today. SteelMint learned that miners namely Serajuddin Mines, KJS Ahluwalia, Kaypee Enterprises and RP Sao have raised fines prices by INR 200/MT.
After hike Odisha fines (Fe 63%) prices are at INR 2,000-2,100/MT (ex-mines, including Royalty, DMF & NMET).
The miners have raised offers due to hike in low grade iron ore fines export bookings from Odisha. The demand for low grade iron ore fines has increased considerably from Chinese mills following which Odisha based miners and traders turned active for exports. Also higher global iron ore prices has kept export sentiments supported.
SteelMint in conversation with trade sources learned that Chinese mills have raised bids for low grade iron ore fines. Bids for low grade (Fe 57/58%) iron ore fines prices have picked up by around 12% W-o-W. The prices have increased to around USD 56/MT, FoB India as against being USD 50/MT, FoB India last week.
Indian iron ore exports may cross 1 MnT mark again in Apr'19
As per the vessel line up data maintained with SteelMint till 18th April, Indian iron ore exports may add up to 1.13 MnT in April. Out of this 8,17,060 MT from eastern ports of India and rest 296,000 MT from other ports.
Few miners were also heard to have raised iron ore lump prices by INR 200/MT, rest are expected to follow the suit.
source: SteelMint
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