Low domestic iron ore output impacts supply, prices
Steel Insights|October 2020
India’s iron ore production remained low, resulting in higher prices, industry sources said. Iron ore production is estimated at around 13.3-13.15 million tons levels in August from around 14 million tons in July.

The lower production levels have contributed towards higher iron ore prices which are at ₹2,960 per ton (NMDC; 0-10mm, Fe64 percent), up ₹1,000 per ton on a quarter-on-quarter basis.

Iron ore production in April-August is estimated to be down 35-36 percent on year over same period last year, according to industry sources.

Odisha iron ore despatches were down in August 2020. It is believed that iron ore prices could increase further, with only five out of the 19 Odisha iron ore mines, which were auctioned in March, being operational as of date amid a high export demand.

Also, previous mine owners have time till end-October (previously end-September 2020) to exhaust accumulated inventory, though a further extension in this timeline could partially reduce availability risk.

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