BS reported that the Orissa Mining Corporation has raised the prices of different grade iron ore lumps by as high as 10% for the October to December period

At Koira mining area in Sundergarh district, the price of high quality iron ore belonging to BF grade has been raised by 10 per cent to INR 5,300 per tonne, from INR 4,813 in the previous quarter.

In Barbil, BF grade ore rates sized between 10 to 40 mm rose by 3.75% from the previous quarter

In Gandhmardana area, soft grade and BF grade iron ore rates with minimum 65% and 62% iron content respectively were upgraded by 6%.

Iron ore rates in Orissa now range between INR 4,203 per tonne to INR 5,300 per tonne as compared with INR 4,050 per tonne to INR 4,800 in the previous quarter.

These rates are ex mine basis, including royalty dues and excluding taxes.

OMC prices are considered benchmark rates across Orissa, the largest iron ore producer in the country. OMC decides the ore prices every quarter by auctioning 10% of total supply for the three month period.

(Sourced from BS)