Indian domestic iron ore spot prices surge by 10%

July 2, 2008

July 2nd (Steel Guru) – We had reported on June 29th 2008, that after Orissa Mining Corporation’s latest quarterly tender on for sale of iron ore during July to September 2008, the market prices of iron ore in Orissa are expected to surge by INR 500 per tonne

As per reports received this morning, the prices of iron ore in Burwil area of Orissa have gone up by INR 500 per tonne.

Product Grade Size 30-Jun 1-Jul Change %
Iron ore – BF Fe 65% 10-40 5000 5500 500 10.0%
Iron ore – Sponge Fe 63% 5-18 6100 6600 500 8.2%
             

1. Rates are in INR per tonne
2. Rates are Ex mines but include loading into rakes
3. VAT or CST is in addition
4. Royalty is INR 19 per tonne for Fe content of 63 and INR 27 per tonne for Fe content of 65%

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