Sponge manufacturers anticipate NMDC, (India's largest iron ore miner) to declare its July -Sep iron ore prices for domestic market next week.
Sources report SteelMint that NMDC board might review iron ore prices on 13th August and currently provisional prices have been kept unchanged at
6-20 mm= Rs 5,480/t (65% Fe)
10-150 mm= Rs 4,590/t (65% Fe)
All prices Ex mines at Kirandul.Royalty, Bonus and Taxes Extra
“We expect NMDC iron ore prices to go down by at least Rs 400-600/t as offers from Odisha private miners are much cheaper than last quarter prices of NMDC.
NMDC ore costs us Rs 8,700-8,800/t (Delivered Raipur, Incl royalty), where as same grade from Odisha costs us Rs 7,800-8,000/t (Delivered Raipur, Incl Royalty), after lumps prices in Odisha come down by Rs 500-800/t in first week of August.” said a big sponge manufacturing plant based in Raipur, Chattisgarh.
Chances are high that NMDC will consider price cut for its 2nd quarter prices, though it will not affect sponge prices, he further added.
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