India: Odisha Merchant Miners Further Widen Discount on Bulk Iron Ore Fines Purchase-Sources

According to trade sources report to the SteelMint, few Odisha based major merchant iron ore miners are heard to have decreased further offers on bulk quantity purchase of fines against the last offer.

As per the sources major steel makers recently booked over 300,000 MT iron ore fines (Fe 63%) (upfront payment basis) from Odisha at around INR 1,650-1,700/MT (ex-mines, including Royalty, DMF & NMET).

SteelMint's index for Odisha fines (Fe 63%) bulk bookings are around INR 1,700-1,800/MT (ex-mines, including Royalty, DMF & NMET) down against last week's assessment of INR 1,750-1,850/MT (ex-mines, including Royalty, DMF & NMET). The prices mentioned are for bulk quantity of around 200,000 MT with upfront payment basis.

However index for 5-18mm lump is around INR 3,400-3,600/MT (ex-mines, including Royalty, DMF & NMET).

Last month Serajuddin- Odisha's major merchant iron ore miner had decreased iron ore lump offers for 5-18 mm (Fe 63%) by INR 300/MT to INR 3,400/MT (ex-mines, including Royalty, DMF, & NMET).

OMC had scheduled its iron ore lump e-auction today (30th Sep'19). Total quantity put under the auction was 785,000 MT iron ore lumps. Out of the total quantity nearly 23% (183,000 MT) of material fetched bids. The material offered was from Gandhamardan, Daitari, and Koira mines. Miner had reduced base prices by INR 250/MT from all its mines against the base price of the last e-auction conducted on 2nd Aug'19.