India: NMDC cuts iron ore prices by INR 200-230/t for Jul’21 deliveries

India’s largest government-owned merchant iron ore miner, NMDC, has cut iron ore prices for Jul’21 deliveries by INR 200-230/t ($3), SteelMint learnt from credible sources. Drop in pellet and sponge iron prices along with a sharp decline in bids at OMC’s recent auction have resulted in the price correction. Bids at OMC’s auction dropped by INR 1,100-1,950/t compared to bids received in the company’s May auction. The revised offers by NMDC are as follows:

• Baila lump (6-40mm, Fe 65.5%) – INR 7,450/t (down by INR 200/t m-o-m)
• Baila fines (Fe 64%) – INR 6,360/t (down by INR 200/t m-o-m)
• DR CLO (10-40mm, Fe 67%) – INR 8,650/t (down by INR 230/t m-o-m)

The above FoR prices are on per tonne basis, excluding royalty and other statutory taxes.