Odisha's Essel Mining Hikes Iron Ore Prices by INR 150-450/MT

Essel Mining - a major iron ore mine in Odisha has increased its offers for iron ore further in lumps by INR 450/MT (for High Fe 65%). However, in fines price hike made is INR 150/MT.

Revised prices will come into effect from 01 Jan'20.

According to company sources, after the price hike, its Jilling mines for 65% Fe calibrated iron ore lumps (5-18mm) stands at INR 5,775/MT and fines (Fe 63%) stands at INR 2,695/MT (ex-mines, including Royalty, DMF & NMET).

Prior to this the miner had hiked offers on 15th Dec 2019. Upon receiving active bookings at previous lower offers and stocking iron ore ahead 2020 lease expiry, miners have been increasing prices.

Another miner like KN Ram also hike 5-18 (Fe 63%) Lumps offer by INR 250/MT to INR 4,500/MT(ex-mines, including Royalty, DMF & NMET).

Eastern India (Durgapur) based pellet makers have increased pellet offers by INR 800-900/MT in a month's timeframe. P-DRI offer also increased to INR 2,000-2,100/MT to 19,100-19,200/MT yesterday against INR 17,100/MT (EXW) a month back.

Odisha- India's largest iron ore producing state recorded total iron ore dispatches at 8.37 MnT in Nov'19, up 34% on monthly basis as against 6.23 MnT in Oct'19. The figures exclude movement for export and dispatches of miners- SAIL & Tata Steel.