Indian iron ore prices increased further this week. National Mineral Development Corporation (NMDC) has announced 2nd price hike iron ore for the month. Odisha’s Essel Mining and Rungta Mines made another upward price revision. Bid prices in recently conducted Karnataka iron ore e-auction witnessed an increase over the set base price.
Chhattisgarh-: India’s state-owned iron ore miner – National Mineral Development Corporation (NMDC) has announced 2nd price hike iron ore for this month. Prices have increased further upto 11%. The miner has raised price for Baila fines and lump by INR 300 and INR 400 respectively while that of DR CLO by INR 460/t. With recent price revision made, company’s fines price has hit an all-time high while that of lumps are hovering close to five-year high levels.
- Steel Authority of India Limited conducted an auction for 28,000 t iron ore fines (Fe 60.2%) from its Rajhara mines in Chhattisgarh. The auction fetched bid at INR 4,170/t (loaded into rakes and including royalty) which is higher by INR 850/t compared to the previous auction held on 06 Nov’20.
Odisha- Aditya Birla Group-owned – Essel Mining has increased iron ore fines and lumps prices by INR 800/t w.e.f 19th Nov, sources reported SteelMint. Under the two successive hikes in iron ore prices, the miner has increased offers for fines by INR 1,500/t. Rungta mines has also increased iron ore fines price by INR 1,000/t w-o-w.
Karnataka- National Mineral Development Corporation (NMDC) has increased its floor prices by around INR 300/t in fines and INR 400/t in lumps this week. The base price of NMDC fines (Fe 62.1%) from Kumaraswamy mines is kept at INR 3,031/t and for Fe 62.1% lump is set at INR 3,838/MT. All prices mentioned are basic, royalty, and other taxes extra.
In recently conducted auction on 18 Nov’20 by NMDC, lots for high-grade lump fetched bids higher upto INR 350/t. Allotted quantity in the auction was 202,000 t in which JSW remained the major buyer with a share of 57% in total allotted quantity.
India iron ore prices-:
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