NMDC, India’s largest & state owned miner, has cut Iron ore prices by INR 100-200/MT (USD 1.6 to 3.2/MT) for December deliveries.
Prices have been cut on account of falling global Iron ore prices and subdued demand in domestic market, confirmed a company official. Lumps prices have been cut by INR 200/MT, ROM by INR 170/MT and Fines by INR 100/MT.
NMDC had cut prices by INR 200/ MT for lumps but kept fines prices unchanged in November’14.
NMDC Iron Ore Prices from Apr-Dec’14
|
Month |
10-150 mm | 10-40 mm, DR CLO | 6-40 mm |
BLUE DUST/FINES |
| Apr’14 | 3,950 | 5,190 | 4,500 | 2,910 |
| May’14 | 3,780 | 5,090 | 4,300 | 2,910 |
| Jun’14 | 4,030 | 5,390 | 4,600 | 3,160 |
| Jul’14 | 4,030 | 5,390 | 4,600 | 3,160 |
| Aug’14 | 4,030 | 5,390 | 4,600 | 3,160 |
| Sep’14 | 4,030 | 5,390 | 4,600 | 3,160 |
| Oct’14 | 4,030 | 5,390 | 4,600 | 3,160 |
| Nov’14 | 3,860 | 5,190 | 4,400 | 3,160 |
| Dec’14 | 3,690 | 4,990 | 4,200 | 3,060 |
Royalty @ 15%; bonus/penalty and other taxes extra
Source: SteelMint Research
NMDC Iron Ore Production & Sales
|
Month |
Production |
Sales |
| Nov’14 | 2.40 | 2.20 |
| Oct’14 | 2.27 | 1.8 |
| Sep’14 | 2.34 | 2.28 |
Qty in MnT
Source: SteelMint Research
NMDC remains the sole Iron Ore exporter in Nov’14: NMDC, which has long-term agreements with Japanese & Korean steel mills, was the sole Iron ore exporter and has exported 0.07 MnT ore in Nov’14 via Vizag port.
Odisha based miners rolled over Iron ore prices for first half of Dec’14: Odisha’s largest merchant miners Rungta Mines & Essel mining have kept their Iron ore offers unchanged. The availability of Iron ore in domestic market remains critical with only a handful of miners offering Iron ore.
Indian Iron ore imports at record high:
Indian Iron ore imports have hit an all time high of 6.8 million tonnes (April-Nov’14) owing to short supply in domestic market and falling prices in global market. Imports are expected to touch 11-12 million tonnes in FY 15.
Imported lumps ore of Fe 64% from South Africa was assessed at USD 95-100/MT CIF India and fines of Fe 62% from Australia assessed at USD 71-72/MT CIF India.
NMDC, reviews prices every month going by domestic demand. The company has sold 19.84 MnT Iron ore during the April-Nov period and plans to raise production to around 32 MnT in the current fiscal.
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