India: Iron Ore Lump Bookings in Odisha Improve After Recent Price Cut

Odisha based merchant miners have received decent response in iron ore lump bookings after the recent price cut announced. A major merchant miner has received bookings for around 10-15 rakes of iron ore lumps (5-18 mm) at INR 3,500/MT (ex-mines, including Royalty, DMF & NMET), SteelMint learned from its reliable sources.

On 19th May'20, Serajuddin Mines decreased iron ore lump offers by INR 500/MT (USD 7). The miner reduced prices to INR 3,500/MT (ex-mines, including Royalty, DMF, & NMET) as against last offer of INR 4,000/MT.

Also last week, Essel Mining had cut offers for both 5-18mm and 10-30mm lumps w.e.f 16th May 2020. Offers from Koira mines for lumps 5-18mm (Fe 62% crushed) was reduced to INR 3,400/MT and for 10-30mm (Fe 63% crushed) to INR 3,200/MT (Ex-mines, including Royalty, DMF & NMET) respectively. Prices have come down by around INR 1200/MT against the last revision in Mar'20.

Offers for 10-30 mm iron ore lumps from a major Odisha miner stands at around INR 2,900/MT (ex-mines, including Royalty, DMF & NMET).

Odisha- India's largest iron ore producing state recorded total merchant iron ore dispatches at 1.31 MnT in Apr’20, down 79% as against 6.34 MnT in Mar’20. The figures exclude movement for export and dispatches of miners- SAIL & Tata Steel. Iron ore dispatches fell owing steel production cuts amid lockdown.