National Mineral Development Corporation (NMDC) conducted auction for around 68,000 MT iron ore today from its Kirandul and Bacheli mines in Chhattisgarh for non-MoU customers. Out of the offered quantity 28,000 MT was fines; 16,000 MT was DR CLO; 8,000 MT ROM; 16,000 MT Baila lump.
According to market sources report to SteelMint, few rakes of DR-CLO booked in the e-auction fetched a premium of around INR 760/MT against the base price.
However other material offered like fines fetched bids close to base price.
NMDC Chhattisgarh increased iron ore prices up to 13% for December.
Odisha based merchant miners have again raised iron ore prices up to INR 400/MT last week owing to less availability of ore over rake issues and few mines having utilized their EC limits. Also the recent Supreme Court order to the miners to pay the penalty amount by 31 Dec’17 failing which their operations will be ceased. Prior to this, the miners had raised prices by the same amount towards end of Nov’17.
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