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India: Iron ore concentrate prices fall INR 200/t in recent deals, further drop likely

Iron ore concentrate prices in the Jabalpur region witnessed a significant decline in recent deals. SteelMint’s index for Fe63% concentrate prices currently stands ...

Fines/Lumps
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29 Jun 2022, 18:27 IST
India: Iron ore concentrate prices fall INR 200/t in recent deals, further drop likely

Iron ore concentrate prices in the Jabalpur region witnessed a significant decline in recent deals. SteelMint's index for Fe63% concentrate prices currently stands at around INR 2,850/tonne (t) exw, a drop of around INR 200/t as against the previous assessment on 25 June, 2022.

Some offers were also heard at higher levels of INR 3,000/t exw. However, some buyers expect prices to inch down further in the deals under negotiation.

Meanwhile, deals of around 28,000 t were heard in this publishing window, which was taken into consideration in the T1 trade of the index.

Western and eastern India-based pellet-makers were heard to have actively booked concentrates at around INR 2,750/t exw.

Iron ore concentrate prices fell following a marginal fall in iron ore prices. SteelMint's weekly Odisha iron ore fines index (Fe62%) fell by INR 50/t w-o-w to INR 3,100/t ex-mines. However, trade activities in pellets witnessed an improvement this week. A slight pick-up in sponge iron prices seen this week resulted in a few pellet players and miners raising their offers.

Outlook

Iron ore concentrate prices are likely to remain under pressure due to the approaching monsoon. Also, as bids are falling from the buyers' side, offers may see some correction in the near term.

 

29 Jun 2022, 18:27 IST

 

 

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