SteelMint: Odisha iron ore fines index climbs to over six-month high

SteelMint's weekly Odisha iron ore fines (Fe 62%) index has moved up by INR 350/t to INR 4,250/t ex-mines (including royalty, DMF and NMET). The index has jumped to over six-month high, as per data maintained with SteelMint. The majority of Odisha-based miners raised their offers post rollback of export duties and tight availability of high-grade ore. However, deals at increased offers are yet to be reported.

Rationale:

• T1- No deal was reported for this week from Odisha trade therefore not taken into consideration for the index calculation and given 0% weightage.
  
  
• T2- SteelMint received Seven (07) offers and indicative prices under T2 trade deals in this publishing window out of which six (06) were taken into consideration and given 100% weightage. To check SteelMint's iron ore assessment, pricing methodology, and specification documents Click here
  
  

India iron ore prices:

NMDC Chhattisgarh hikes iron ore prices following export duty revision - India's largest merchant iron ore mining company, NMDC, has increased list prices of iron ore recently, SteelMint learnt from reliable sources. The company has raised prices of lump ores by up to INR 300-360/t and fines by INR 300/t, with effect from 30 November.

16,000 t of iron ore lumps booked at Vedanta's Karnataka auction: Vedanta conducted an auction for 16,000 t of iron ore lumps (10-40mm, Fe61%) from its A. Narrain mines in Karnataka's Chitradurga district on 29 Nov'22. The steelmaker received bids for the entire quantity at INR 4,210/t against the floor price of INR 3,560/t. Prices are exclusive of royalty, DMF, and NMET charges.

Chandrapur iron ore offers stable w-o-w - Chandrapur, Maharashtra-based iron ore miner has offered iron ore lumps (5-18mm, Fe 63%) at INR 7,700-7,800/t FOR Raipur and fines (Fe 63%) at around INR 3,900-4,000/t FOR Ballarshah. Lumps and fines ore offers remain unchanged as compared to last week.