Odisha: Serajuddin Mine Cuts Iron Ore Lump Price by INR 500/MT
Serajuddin- Odisha's major merchant iron ore mine has decreased iron ore lump offers by INR 500/MT (USD 7) effective from today (19 May'20). As per the market participants, miner has decreased prices to INR 3,500/MT (ex-mines, including Royalty, DMF, & NMET) as against last offer of INR 4,000/MT.
SteelMint learned from its trade sources that the company has nearly 200,000-250,000 MT lumps to offer.
However, the mine has closed bookings for iron ore fines due to pending dispatches of previous bookings which may continue for the next couple of weeks.
Similarly 10-30 mm (Fe 63%) offer at INR 2,900/MT (ex-mines, including Royalty, DMF, & NMET), however, it is subject to material availability.
Recently towards the end of last week, Essel mining had also cut offers for both 5-18mm and 10-30mm lumps w.e.f 16th May 2020.
SteelMint's index for Odisha iron ore lump price (5-18 Fe 63%) stands at INR 3,400-3,600/MT (ex-mines, including Royalty, DMF & NMET).
Serajuddin mine recorded iron ore dispatches at 0.12 MnT in Apr’20, down against 82% as against 0.65 MnT in Mar’20. Outstripping other technically qualified bidders in an aggressive auction, Serajuddin emerged as preferred bidder for Balda iron ore mine at a premium of 118.05%.
source: Steel Mint
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