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SteelMint's weekly iron ore index down by INR 400/t ($6)

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Fines/Lumps

BigMint Bureau

1815 Reads

6 Feb 2021, 17:53 IST

SteelMint's weekly iron ore index down by INR 400/t ($6)

Essel Mining cuts iron ore prices by INR 500-600/t
NMDC likely to revise prices soon, market expects a correction
Bid prices fall in recent Karnataka iron ore e-auction
SAIL records strong iron ore sales at 700,000 t from auctions in Jan'21

SteelMint's index for Odisha iron ore fines (Fe 62%) has come down sharply by INR 400/t to INR 5,500/t (ex-mines, including Royalty, DMF & NMET). Prices have decreased owing to the improved iron ore supplies along with a decline in finished and semi-finished steel prices.

In a confirmed trade, SAIL booked 104,000 iron ore fines (Fe 60.8%) via auction from its Odisha mines at INR 2,860- 2,880/t (loaded into rakes and excluding royalty, DMF & NMET) and normalized with grade and another necessary requirement. This was taken under as T1 Trade and given 50% weightage in this index.

SteelMint has also received thirteen (13) offers, indicative prices under T2 trade in this publishing window out of those nine (9) taken into consideration and given 50% weightage. To see SteelMint's iron ore assessments, pricing methodology and specification documents, Click here.

Odisha iron ore prices-:

Essel Mining cuts iron ore price - Odisha's Essel Mining has today cut iron ore lump offers by INR 600/t and that of fines by INR 500/t, credible sources reported to SteelMint. Limited buying inquiries at previous offers, improved iron ore availability in Odisha, and decline in steel prices have resulted in price correction.

NMDC likely to revise prices soon, market expects correction- India's largest iron ore miner - NMDC is likely to announce iron ore prices soon for Feb'21. SteelMint learned from its market channels that prices may witness correction considering decline in sponge & prices. In Jan'21, the miner has raised the price for Baila fines and lump by around INR 200/t and INR 500/t respectively while that of DR CLO by INR 580/t.

FOR prices excluded Royalty, DMF and NMET

Bid prices fall in recent Karnataka iron ore e-auction - In the Karnataka iron ore e-auction held on 04 Feb'21, 31,000t iron ore was sold by private miners like - Chowgule, B Rudra Gouda etc. Bid prices for fines (Fe 64.1%) has come down to INR 4,600/t in this auction against INR 5,400/t in 16 Jan'21 auction. Bid of lump (Fe 61.3%) of Chowgule received bid at INR 5,450/t.

SAIL records strong iron ore sales at 700,000 t from auctions in Jan'21 - Integrated steel-maker SAIL sold 700,000 t of iron ore through auctions in the merchant market in Jan'21 from its captive mines in Odisha and Chhattisgarh. Sales fell slightly compared to nearly 750,000 t in Dec'20. However, prices in Dec'20 auctions have inched down against the last month.