NMDC has reduced base prices in Karnataka e-auctions. Fines prices have come down by INR 300/MT and lump prices by INR 100/MT.
India’s largest iron ore miner – National Mineral Development Corporation (NMDC) has announced price revision today (26th July’18). Iron ore base prices at NMDC Donimalai has been decreased by INR 300/MT in fines and INR 100/MT in lumps with effect from today (i.e. 26 July’18).
NMDC Donimalai has decreased fines (Fe 64%) base price around INR 300/MT to around INR 2,680/MT (basic) against last assessment INR 2,983/MT. Similarly, for Fe 65% lump prices have come down by around INR 100/MT to around INR 3,224/MT (basic) against last assessment INR 3,325/MT. All prices mentioned are basic. Royalty and other taxes extra.
| Grade (Fe %) | NMDC Donimalai E-Auction – Iron Ore Base Prices for July’18 (INR/MT) | |||
| Fines | M-o-M | Lump | M-o-M | |
| 65 | 2,801 | -317 | 3,224 | -101 |
| 64 | 2,680 | -303 | 3,096 | -96 |
| 63 | 2560 | -288 | 2967 | -92 |
| 62 | 2,439 | -274 | 2,838 | -88 |
| 61 | 2,318 | -260 | 2,709 | -84 |
| 60 | 2,197 | -246 | 2580 | -80 |
Base prices mentioned are basic
Source: SteelMint Research
Earlier to this on 22 Jun’18 NMDC had reduced base prices by INR 300/MT in both lump and fines amid falling sales. According to company reports, NMDC witnessed a decline in iron ore sales for first quarter FY’19 at 6.84 MnT, down 34% as compared to 10.43 MnT in Q4 FY’18. On yearly basis, iron ore sales depicted 26% fall as against Q1 FY’18 sales at 9.21 MnT. NMDC’s sales from Karnataka contributed remaining 13% of sales at 0.87 MnT, down 74% on quarterly basis. Major southern India based steel mills had reduced purchases in April & May owing to high base prices in Karnataka e-auctions resulting in less sales volume of NMDC.
Leave a Reply