India’s largest iron ore miner – National Mineral Development Corporation (NMDC) has decreased floor prices by around INR 300/MT in both lumps and fines (depending on grades) for Karnataka e-auctions to be held today (25th Sep’19).
NMDC fines (Fe 64.34%) base price from Kumaraswamy mines is to INR 2,459/MT (basic), down by INR 307/MT against last e-auction at INR 2766/MT.
The prices for Fe 64.8% lump is reduced to INR 2,910/MT (basic) as against previous e-auction price at INR 3215/MT. All prices mentioned are basic, royalty and other taxes extra.
Last month NMDC had reduced prices by INR 200/MT in fines and lumps for the auction held on 27th Aug’19.
Central Govt. mines tribunal has put a stay until the next date of hearing to the order dated 17 Aug to cancel the lease renewal order of NMDC’s Donimalai mines and further put the expired mine lease block on an auction for sale. Earlier in the month of July’19 Karnataka High Court announced its final judgment in favor of NMDC, thus need not pay premium for mining lease renewal at its Donimalai mines. Iron ore operations are on hold at NMDC’s Donimalai mine, which was renewed lease on 3rd Nov’18 for the next 20 years.
Towards last week, NMDC (Chhattisgarh) reduced prices of iron ore fines and lumps by INR 200/MT, DR-CLO price cut was by INR 230/MT and ROM by INR 180/MT.
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