IRON and STEEL
State Owned, Odisha Mining Corporation (OMC) is all set to conduct the e-auction on 04 May’19. Ores from Sukrangi Mines and South Kaliapani Mines will be put under the hammer during this month’s auction.
The total quantity offered for the e-auction from Sukrangi and South Kaliapani mines is 34,200MT. The bid value quoted shall be the basic price in Rupees per WMT (Wet Metric Ton) for the mineral inclusive of Royalty and exclusive of Cess and other statutory duties and levies etc. applicable at the time of supplies will be extra and payable by the successful bidder.
For south Kaliapani and Sukrangi Mines, the minimum quantity to be bid is 100 MT, thereafter in multiples of 100 MT. The total quantity offered for the e-auction from Bangur mines is 905MT, which includes both lumps and chips. For Bangur Mines, Bidder must quote for entire Lot offered for the auction.
The Base price of May Chrome Ore Auction has been lowered amid sluggish Ferro Chrome market conditions. South Kaliapani Ore prices were reduced by almost 2% for May’19. Meanwhile, due to lowered prices for Ferro Chrome in the domestic and the global market, the producers were pessimistic and fearsome that if the prices for ores don't come down, many Ferro Chrome producers may have to shut down their production.
Pellet offers for this week increased sharply in the recently concluded deals. SteelMint’s assessment stands at INR 6,900-7,000/MT (ex-Raipur, GST extra) against last week’s assessment of INR 6,600/MT. Current prices are hovering at 3-month high.
Sponge iron market seems to remain strong, as per manufacturers in central & eastern India. Rising raw material prices & active demand are likely to keep Indian sponge iron prices supported, they added.
Indian steel prices remain slightly surge by INR 100-400/MT on improved inquiries from the domestic buyers. The mid sized mills have raised Billet prices by INR 100-400/MT, Rebar by INR 100-300/MT & Sponge iron by INR 100-200/MT day on day in major markets.
SteelMint in conversation with market participants learned that Indian HRC import prices from Japan reported decline by USD 15-20/MT in recent booking for July shipments.
Department of Mines and Geology (Govt. of Karnataka) has floated the tender for auctioning of 4 iron ore blocks in Karnataka for its 4th phase.
Indian Silico Manganese Prices are under pressure due to various factors as it is highly dependent on the inventory level possessed by the producer and the region they are offering from and also the grade quality.