NMDC,state owned miner and largest exporter of iron ore in India, which has switched to monthly pricing mechanism, is likely to declare its next month prices in the first week of February confirmed Mr C.S Verma, acting Chairman of the company.
“Our Board will meet in the first week of February,” NMDC Chairman C S Verma told PTI here when asked whether the company would raise prices in view of rising international rates.
He mentioned, it was “a price- sensitive” issue and NMDC was closely watching the situation. He said the international rates have significantly gone up from USD 90 a tonne in last September to USD 150 per tonne now, but added that “international pricing and domestic pricing were totally different things. We have a 30 percent duty on iron ore exports from India.
Although experts do not see much reasons for NMDC to raise Lumps prices, although fines prices might see revision looking at higher export and global steel prices.
In January iron ore lumps prices were slashed by Rs 320/t (5.9%) where as fines prices were kept unchanged Accordingly, average price for iron ore lumps with 65% iron content are hovering around Rs 5,080 per tonne. Similarly, average price of fines, which have iron content of less than 63%, are at Rs 2,610 per tonne (Prices excluding royalty and taxes).
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