NMDC surprises market by cutting Iron ore prices by 3- 11% for Nov

NMDC has yet again announced a price cut for November. The
price cut for Iron ore comes as a surprise for the industry as it comes at a time
when Iron ore supply is already constrained from major producing states Odisha
& Goa.

“Iron ore lumps prices have been cut by 11% & fines by
approximately 3%”, said sources unofficially from NMDC.

According to steel manufacturers, “It is a good sign for us.
We were not expecting a price cut at this point of time but NMDC has surprised
us. Enquiries for Iron ore from NMDC will definitely improve in the month of
Nov.”

Iron ore Prices for November are as follows

Size         Grade      Price
(Rs/MT)

6-20mm      65         5402

10-150mm  64         4485

Fines          64          2616

NMDC prices –Basic, Royalty of Rs 400-500 Extra.