State owned miner and India's largest exporter of iron ore might raise its iron ore prices in February said industry sources. NMDC which has switched to monthly pricing from October 2012 has reduced its prices by almost 15-20 % in last 4 months on shrinking exports and falling demand from domestic market.Though with rising iron ore prices in Global market chances are pretty high that NMDC may raise its February prices.
“Since iron ore prices in Global market moved up by almost 25-30% in last one month on strong demand from Chinese buyers. NMDC may raise iron ore fines prices and keep lump prices unchanged for February. NMDC acting chairman Mr CS Verma also hinted that global price is one of the factors in determining domestic prices. ” said an industry expert.
Private miners like Rungta and Essel in Odisha have kept their January prices unchanged, specially after government has introduced mandatory sales of 50 percent production to local steel industries.
Current Prices
NMDC- 6-20 mm 65 % Fe= Rs 5,080/t (Royalty of 10% extra)
NMDC- Fines 63-64% Fe= Rs 2,610/t (Royalty of 10% extra)
Rungta Mines 5-18 mm 63% Fe = Rs 6,800-7,200/t (Incld Royalty, F.O.R Siding)
Rungta Mines FInes 63% Fe = Rs 2,650/t (Incld Royalty, F.O.R Siding)
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