India: Few Odisha Miners Widen Discount on Bulk Iron Ore Fines Purchase

According to trade sources report to the SteelMint, few Odisha based major merchant iron ore miners are heard to have increased discounts on bulk quantity purchase further over announced listed offers.

SteelMint learned from the sources that currently trade prices for Fe 63% fines are around INR 2,000-2,200/MT and for 5-18 mm (Fe 63%) around INR 4,700-4,800/MT (ex-mines, including Royalty, DMF & NMET).

A month back, trade reference prices were INR 2,900/MT for fines and INR 5,500/MT for 5-18mm lumps, on Ex-mines basis.

Odisha based merchant miners were facing low buying interest following the decline in semi-finished and pellet prices led them giving quantity discounts to stimulate the buying interest.

Eastern India Sponge iron prices decline sharply- Sponge iron (78 FeM) current price assessment in Durgapur is around INR 20,100-20,300/MT decline by INR 2,800-3,000/MT against INR 23,200/MT a month back. Amid limited trade inquiries and decline in the finish and semi-finish steel prices, domestic prices have come under extreme pressure.

Domestic pellet offers continue to remain under pressure - Limited booking for exports and declining P-DRI prices have resulted in a price fall in pellets too. In Durgapur (eastern India) pellet prices have come down by INR 900-1,000/MT M-o-M and assessed around INR 6,500-6,700/MT, GST extra.