Odisha: Serajuddin Mine Hikes Iron Ore Offer Upto INR 600/MT

Serajuddin- Odisha's major merchant iron ore miner has increased iron ore lump offers effect from today (03 Jan'20). Miner has increased prices for 5-18 mm (Fe 63%) by INR 600/MT to INR 5,000/MT (ex-mines, including Royalty, DMF, & NMET) as against last offers at INR 4,400/MT. The miner has also increased fines offer by INR 300/MT to INR 2,700/MT (ex-mines, including Royalty, DMF, & NMET).

Since 20 Nov'19, miner has raised lump (5-18 mm) prices by INR 1000/MT via three revisions.

Serajuddin mine produces around 10 MnT iron ore annually and has an EC limit of 15.15 MnT p.a.

It's also heard that Odisha's largest merchant iron ore miner - Rungta Mines has today announced hike of INR 500/MT in lump and INR 300/MT in fines. Revised prices would be effective from tomorrow.

Also today KJS Ahluwalia and Kaypee Enterprises have increased offers. Offers for 5-18 mm (Fe 63%) of KJS stands at INR 5,000/MT (ex-mines, including Royalty, DMF, & NMET) and that of fines at INR 2,700/MT (ex-mines, including Royalty, DMF, & NMET).

If market sources are to be believed, few major miners have already made aggressive bookings in last months 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. Hence amid tight material availability, miners are raising offers.