SteelMint: Iron ore fines index remains range-bound, lump offers remain supported
- Odisha Mining Corp to auction 1.1 mn t iron ore lump on 31 Mar'21, raises base price
- JSW raised lump offers by upto INR 900/t
- Bids for fines lot fall in recent Karnataka auction by private miners
SteelMint's weekly index for Odisha iron ore fines (Fe 62%) has fallen marginally by INR 50/t this week to INR 5,200/t (ex-mines, including Royalty, DMF & NMET).
In a confirmed reported trade this week an Odisha based miner sold around 100,000 t iron ore fines (Fe 62.5%) at INR 5,400/t (ex-mines, including Royalty, DMF & NMET).
Also, in another trade recorded by SteelMint, an Odisha based merchant miner had sold around 12,000 t iron ore fines (Fe 63%) at INR 4,800/t (ex-mines, including Royalty, DMF & NMET) towards the mid of this week.
Out of two deals reported only one was considered for T1 trade and as the second deal was not falling under SteelMint methodology. Single trade was given 50% weightage in this week Fe 62% fines index calculation.
SteelMint has also received eleven (10) offers, indicative prices under T2 trade in this publishing window out of those nine (9) were taken into consideration and given rest 50% weightage in this week index. To see SteelMint's iron ore assessments, pricing methodology and specification documents, Click here
JSW Steel hikes iron ore lump offer by up to INR 900/t ($12): India's leading steelmaker, JSW Steel has increased by INR 300-900/t today as against the last offer floated earlier this month. Increment in offers for higher grade lump from its Nuagaon mines is greater than offers for low grade due to tighter material availability in the merchant market.
In a confirmed trade of lumps a trader from Odisha has also booked a small quantity of 3,000 t lumps (5-18,Fe 63%) at INR 8,100/t (ex-mines, including Royalty, DMF & NMET) few days ago.
OMC to auction 1.13 mn t lumps next week: Odisha Mining Corp (OMC) has scheduled its next iron ore e-auction on 31st Mar'21. The auction is being conducted for 1.13 mn t iron ore lumps. The miner has raised base price upto INR 550/t ($8) against its last auction held on early Feb'21.
Odisha iron ore prices:
SAIL's iron ore fines auction from Chhattisgarh received good response - Steel Authority of India Ltd (SAIL) conducted an auction from its Dalli and Rajhara mines in Chhattisgarh on 26 Mar'21, for 52,000 t iron ore fines. Out of the total quantity offered, 4,000 t Dalli iron ore fines (Fe 58.10%) received bids at INR 1,900/t, and the rest 40,000 t iron ore fines (Fe 58.41-60.26% grade) from Rajhara received bids at INR 3,350- 2,290/t exw (inclusive of Royalty).
Goa DMG notifies base price in iron ore e-auction: Govt. of Goa had announced next round of e-auction on 24 Mar'21.Total quantity put up for auction is 1.62 mn t with base price ranging from INR 450- 750/t. However, the auction results could not be received till the time of publishing this report.
Bids for fines lot fall in recent Karnataka e-auction by private miners - In a recent Karnataka e-auction held on 26th Mar'21, out of the total offered quantity of 320,000 t, only 66,000 t was booked. Thakur Industries stood the largest buyer at 20,000 t. Fines (Fe 60.8%) offered by Chowgule & Company Pvt. Ltd. received bids at INR 3,370/t as against INR 3,410/t received in last auction held on 3rd Mar'21.