National Mineral & Development Corporation (NMDC), a state owned and India’s largest Iron ore miner, has corrected Iron ore lump prices by INR 200/MT (USD 3.2/MT) and kept Iron fines prices unchanged for November deliveries.
NMDC Iron Ore Prices for Nov’14
| Material Type |
Grade (Fe) |
Size (mm) |
Prices in INR/MT |
| DR CLO |
67 |
10-40 |
5,190 (-200) |
| Baila Lumps |
65 |
6-40 |
4,400 (-200) |
| Baila ROM |
65 |
10-150 |
3,860 (-170) |
| Fines |
64 |
0-10 |
3,160 (0) |
Royalty @ 15%; bonus/penalty and other taxes extra
NMDC Q2 FY15 Production improves
During the second quarter, NMDC’s Iron ore production has touched 6.44 MnT, registering a growth of 9% over 5.9 MnT. In the first half, production had raised by 12% to 14.38 MnT (12.86 MnT in FY13).
On the other hand, Iron ore sale during the second quarter was 7.26 MnT, registering a growth of 12% against 6.50 MnT in corresponding period of previous year. During the first half, Iron ore sales had raised by 15% to 15.85 MnT against 13.75 MnT in previous fiscal year.
Odisha Miners raise Iron Fines Prices by INR 400/MT
Odisha based miners have raised Iron ore fines prices by INR 400/MT owing to rising scarcity in the domestic market, after merchant mines have been closed on the Supreme Court’s order. Lump prices have been kept unchanged.
Current offers from Runta Mines, Odisha’s largest private miner, are around INR 3,600/MT for Fe 63% (prices incld royalty) as per loaded to wagon basis.
Imported Lump making way in the Indian Market
Falling Iron ore prices in the global market and supply issues in the Indian market have prompted Indian steel manufacturers to go for imports. Imports are all time high, which is assessed at around 5 MnT during April-October, 2014.
Recently, one Vessel carrying about 80,000 MT lump (6-40 mm, 64%) from South Africa is being unloaded at Paradip port, which is being offered at around USD 108/MT CIF.
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