India: Odisha Iron Ore Price Update – Week 18, 2019

SteelMint has learned from the market sources that, Odisha based major merchant iron ore miners are holding same offers this week amid decent bookings.

SteelMint’s assessment for 5-18 mm lump is at around INR 4,000/MT (ex-mines including royalty, DMF & NMET) and for iron ore fines (Fe 63%) it is stable at around INR 2,000/MT (including royalty, DMF & NMET). The prices mentioned are for bulk quantity purchase and advance payment basis.

As per trade sources – Serajuddin is not taking fresh bookings of 5-18mm lump as of now after booking decent quantity of around 300,000 MT. The miner is expected to resume fresh bookings from next week onwards.

Towards the end of April’19 major Odisha merchant miners (including Rungta Mines & Serajuddin) had raised iron ore fines price by INR 200/MT and KJS Ahluwalia, Kaypee Enterprises increased its offers by INR 200/MT in both lumps and fines.|Miners had raised prices on the back of strong export bookings of low-grade iron ore fines made to China.

Odisha- India's largest iron ore producing state recorded rise in total iron ore dispatches at 65.27 MnT in FY'19, as against 64.63 MnT in FY18. The figures exclude movement for export and dispatches of miners- SAIL, OMC & Tata Steel.