The coronavirus crisis has hit the overall economy of India including the minerals trade businesses. The iron ore and manganese production and sales have been affected bringing a cut in the minerals’ prices.
The demand of iron has suddenly ceased due to the slash in production of steel both in national and international markets.
According to sources, there was only 6.34 MT iron trade on March 20. In April this trade came down to 1.31 MT which is a decrease in 79 percent in comparison to the previous month. The iron and manganese trade continues to remain dull in April and May and expected to slightly improve in the coming months.
The fall in the demand has caused a slash in ore price from Rs 4,000 to Rs 3,500. EMIL, Sirajuddin mines and some other mines have also cut down the prices of 518 mm and 1030 mm size ores. The iron ore price in some private mines has even dropped below Rs 3,500.