Iron ore Prices in Odisha Soften; Essel Mining Cuts Prices by INR 300/MT (USD 4)
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Odisha's major merchant miner- Essel Mining and Industry has reduced iron ore prices from its Koira and Jilling mines w.e.f 02 Oct'18. Miner has announced a price cut of about INR 300/MT in both lumps and fines for both of its mines.
Other miners are also looking for price reduction and they may also revise soon.
After the three successive price hikes between end of Aug and early Sept'18 Odisha merchant miners were facing reduced buying interest following which they started giving quantity discounts of INR 300-500/MT. Now, Miner has decreased prices to stimulate the buying interest.
However, this week sponge prices have moved down amid limited trades. In Durgapur (eastern India) prices have come down by INR 600/MT W-o-W. In a month timeframe, P-DRI prices come down sharply by INR 4,500/MT to INR 20,200/MT as against INR 24,700/MT a month before. Perhaps this may compel miners to reduced iron ore prices.
Essel Mining Prices at Koira Mines-:
| Material Type (Size mm) | Grade (Fe %) | Prices in INR/MT | M-o-M |
| 5-18 mm | Fe 62% | 6,090 | -300 |
| 10-30mm | Fe 63% | 5,990 | -300 |
| Fines | Fe 63/62% | 3,310 | -300 |
Prices mentioned are ex-mines, inclusive of Royalty, DMF & NMET, GST extra
Source: SteelMint Research
Essel Mining Prices at Jilling Mines-:
| Material Type (Size mm) | Grade (Fe %) | Prices in INR/MT | M-o-M |
| 5-18 mm | Fe 65% | 6,775 | -300 |
| 10-30mm | Fe 63% | 6,425 | -300 |
| Fines | Fe 63/62% | 3,345 | -300 |
Prices mentioned are ex-mines, inclusive of Royalty, DMF & NMET, GST extra
Source: SteelMint Research
