Iron ore offers remained unchanged as miners adopted a wait-and-watch policy on sponge iron prices, which moved up with rumours of a possible minimum import price (MIP) announcement, market sources said.
However, sponge iron prices eased with reports of deferment of the MIP announcement, sources said.
“Miners were in wait-and-watch mode and observing sponge iron prices before taking any firm decision in price revision of iron ore offers for the last one month,” said a source in an iron ore mining company.
Sources said miners in Odisha, like Rungta, Essel, Serajjudin and Indrani, who cut lumps prices in December, have kept both lumps and fines prices unchanged so far.
Last month, state-run miner NMDC cut prices of iron ore by 15% to Rs 1,800 per ton in an effort to revive demand. Analysts believe the decision came after weak despatch volumes in November.
NMDC said it has achieved iron ore production of 20.08 million tons and sales of 20.32 mt up to December 31, 2015.
Following are prevailing domestic iron ore prices:
|
|
|
Price (ex-mines) |
Price (ex-mines) |
W-O-W |
Company |
Size |
Grade |
21-Jan-16 |
14-Jan-16 |
|
NMDC |
6-20mm |
65 |
1800 |
1800 |
0 |
|
10-150mm |
64 |
1600 |
1610 |
0 |
|
Fines |
64 |
1560 |
1560 |
0 |
Rungta |
5-18mm |
65 |
NA |
NA |
0 |
|
5-18mm |
63 |
2600 |
2600 |
0 |
|
10-30mm |
65 |
NA |
NA |
0 |
|
10-30mm |
63 |
2500 |
2500 |
0 |
|
Blue Dust |
63 |
1800 |
1800 |
0 |
Essel |
5-18mm |
63 |
2300 |
2300 |
0 |
|
10-30mm |
63 |
1600 |
1600 |
0 |
|
Blue Dust |
63 |
1500 |
1500 |
0 |
Serajuddin |
5-18mm |
63 |
2200 |
2200 |
0 |
|
Blue Dust |
63 |
1500 |
1500 |
0 |
Indrani |
5-18mm |
63 |
2200 |
2200 |
0 |
|
Blue Dust |
63 |
1500 |
1500 |
0 |
KJS Ahluwalia |
5-18 mm |
63 |
2200 |
2200 |
0 |
|
Blue Dust |
63 |
1500 |
1500 |
0 |
Source: Traders & ISMW