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Indian iron ore market overview - week 41, 2020

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Fines/Lumps

BigMint Bureau

1175 Reads

10 Oct 2020, 17:06 IST

Indian iron ore market overview - week 41, 2020

Chhattisgarh - India's state-owned iron ore miner National Mineral Development Corporation (NMDC) has increased prices by INR 200-240/t for Oct'20. The prices for Baila lump and fines have been increased by INR 200/t and that of DR CLO by INR 240/t. The revised prices for Baila fines (Fe 64%) stands at INR 3,160/t, Baila lump (Fe 65.5%) is assessed at INR 3,450/t and DR CLO (Fe 67%) at INR 4,010/t. NMDC sets prices on a free-on-road (FoR) basis and does not include royalty and taxes.

Steel Authority of India (SAIL) conducted an e-auction from its Dalli Rajhara iron ore mines from Chhattisgarh for 28,000 t iron ore fines today (i.e 10th Oct). The entire quantity offered of fines (Fe 60.5%) received bids at INR 3,520/t (loaded into rakes and including royalty) over the set base price of INR 2,500/t as per the sources.

Odisha - Tight availability of high-grade iron ore in the merchant market continued to remain a concern in Odisha, however, prices have softened in recent trades. Two major mines like Serajuddin and KN Ram are expected to start production soon, as per sources report to SteelMint.

An Odisha based miner has sold 500,000 t of iron ore fines (Fe 59-61%) recently, a credible source of SteelMint reported. The deal concluded was for the old stock lying at mines and was heard to have booked at INR 3,000/t ex-mines. It is to be noted that the Odisha govt granted a month's relief to ex-lessees to clear out iron ore stocks till 31 Oct'20.

Steel Authority of India (SAIL) conducted an auction for 296,000 t iron ore fines (Fe 61.3%-61%) from its Bolani mines in Odisha on 06th Oct 2020. The entire quantity received bids for Bolani at INR 2,510-2,550/t (Loaded to wagon, taxes extra) on base price as per the sources.

Odisha iron ore prices:

Karnataka - Karnataka's monthly iron ore e-auction sales have dropped for the month of Sep'20. The total allotted quantity in Sep'20 was recorded at 2.16 mn t when compared to 3.16 mn t in Aug'20. Sources highlighted that, monsoons hampered iron ore production 7 movement in the Bellary area in Sept'20 impacted production and sales.

According to the source, NMDC may also hike iron ore base price in Karnataka e-auction following hike in Chhattisgarh prices. However, the confirmation could not be received till the time of publishing this report.