Odisha's Essel Mining Cuts Iron Ore Prices - Sources

Essel Mining - a major iron ore mine in Odisha has reduced its offers for iron ore lumps by INR 200/MT (USD 3/MT). Revised prices will come into effect from 24 Aug'19. However revision in fines was heard around INR 150/MT.

According to sources, after the price reduced, its Jilling mines for 65% Fe calibrated iron ore lumps (5-18mm) stands at Rs 5,225/MT (USD 73/MT ) and 10-30mm stands at INR 4,825/MT (USD 67/MT) including royalty and taxes on FoR basis.

Continuous decline in semi finished and finished steel prices have put iron ore prices under pressure. Odisha iron ore lump prices have come down by INR 200-300/MT in a month's time however pellet prices in Durgapur have moved down by INR 800/MT. On the other hand C-DRI prices in Durgapur have weakened by INR 1,300/MT and billet by INR 600/MT M-o-M.