India: Recent Bulk Iron Ore Fines Bookings Turns Odisha Market Active

After observing limited bookings since past few weeks, Odisha's merchant iron ore market has resumed some trades this week. Few Odisha based major merchant miners are reported to have made bookings of over 600,000 MT of iron ore fines (Fe 62.5 and 63%) at INR 2,200-2,300/MT ex-mines basis (including Royalty, DMF & NMET). Also, the iron ore fines (Fe 61%) price are assessed at INR 1,900/MT ex-mines basis (including Royalty, DMF & NMET).

SteelMint's index for Odisha iron ore fines price for Odisha iron ore fines Fe 63% is at around INR 2,200-2,300/MT (ex-mines, including Royalty, DMF & NMET), down by INR 100/MT W-o-W.

Almost all the miners from Odisha had increased offers towards Jan'20 by around INR 600-700/MT in fines and by around 1,000-1100/MT (Ex-mines) in lumps following which bookings remained limited. Few major miners had already made aggressive bookings in last month's as steel mills were actively restocking material ahead Mar'20 lease expiry. Also, few mines are heard to have achieved EC limits for this fiscal so they are not actively offering material in the market.

Odisha iron ore production in CY'19 recorded at 133.82 MnT, up 26% against 106.27 MnT in CY'18, according to the provisional data of Odisha Govt. maintained by SteelMint.