India: Rungta Mines Hikes Iron Ore Fines Price by INR 200/MT (USD 3)

Rungta Mines - India's largest private merchant miner has increased iron ore fines prices by INR 200/MT with effect from 20th April 2019.

SteelMint has learned from the sources that after recent price hike, Fe 63% fines at around INR 2,700-2,800/MT (loaded to wagons, including Royalty, DMF & NMET).

The miner is Odisha's largest merchant miner and it recorded production of 21.72 MnT iron ore till Feb'19 from its Odisha mines. In FY18, miner's production was recorded at 25.26 MnT.

Towards the end of last week, Odisha based major merchant iron ore miners had increased iron ore offers by INR 200/MT. SteelMint learned that miners namely Serajuddin Mines and RP Sao had raised fines prices by INR 200/MT and KJS Ahluwalia, Kaypee Enterprises increased its offers by INR 200/MT in both lumps and fines.

After hike Odisha fines (Fe 63%) prices are at INR 2,000-2,100/MT (ex-mines, including Royalty, DMF & NMET).

SteelMint in conversation with trade sources learned that increased exports offer in low-grade fines influenced domestic (India) iron ore offers. 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.