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Weekly: Indian iron ore market overview

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Fines/Lumps

BigMint Bureau

2071 Reads

23 Jan 2021, 17:22 IST

SteelMint's benchmark Odisha iron ore fines index remained largely stable this week and witnessed limited trades. Market participants are of the opinion that prices may correct in the near term on increasing supplies. Also, decline in sponge iron prices have lowered buying inquiries this week, trade sources reported to SteelMint.

SteelMint's index for Odisha iron ore fines (Fe 62%) index stands at INR 6,000/t (ex-mines, including Royalty, DMF & NMET).

SteelMint has also received eleven offers, indicative prices in this publishing window out of those nine taken into consideration. To see SteelMint's iron ore assessments, pricing methodology and specification documents, Click here.
SAIL conducted three auctions from Bolani and Barsua mines for dump and tailing iron ore fines Fe 59.8 and 59% during this week. However, these auctions were not considered in the price calculation and no weightage given. In auction conducted on 21 Jan'21. The total material put up for auction was 100,000 having grade Fe 59.8%. Entire material offered was booked at INR 1,600-1,610/t (ex-mines and excluding royalty), sources have reported to SteelMint. In another auction, held on 19 Jan'21 from its Bolani mines in Odisha for iron ore dump fines (Fe 59%). Entire material put to auction received bids at INR 2,800-2,820/t (loaded into rakes and excluding royalty).
Odisha Mining Corporation is to conduct an auction for 14,000 t iron ore and manganese ore on 2 Feb'21. The material offered comprises unsold ore produced by ex-leases in the auctioned mines in Odisha lying under Koira mining circle. The material offered is from Mahulsukha, Kanther-Koira, Kolmong, Teherai and Ganua mines.

Chhattisgarh-: National Mineral Development Corporation (NMDC) is going to conduct two iron ore auctions for around 651,000 t from its Bacheli mines and 50,400 t on 28 Jan'21 from its Kirandul mines, Chhattisgarh.

Karnataka -: JSW Steel turned another iron ore mine of Karnataka operational in Q3 FY '21, according to the company's recent quarterly results released. With this, all the captive mines (9 in Karnataka and 4 in Odisha) have become operational.

NMDC Kumarswamy mines recently conducted an iron ore e-auction on 16th Jan'21. 148,000 t iron ore booked out of the total 150,000 t put to auction. JSW Steel bought 124,000 t in the auction followed by RINL at 24,000 t. Majority of the lots fetched flat bids however for few lots bids increase upto INR 180/t against the set base price.

India iron ore prices-: