NMDC Keeps Iron Ore Base Prices Unchanged for Nov’16 Karnataka E-auctions

National Mineral Development Corporation (NMDC) has kept base prices unchanged for Karnataka e-auctions to be held in Nov’16.

In the e-auction conducted today (i.e. 04 Nov’16) by NMDC Donimalai mines, iron ore base prices remain unchanged on monthly premises. Base prices of the material offered remained as follows: lump (Fe 62.2) – INR 2,286/MT and fines (Fe 60.2%) – INR 1,899/MT and low grade fines (Fe 58%) – INR 1,679/MT.

In yet another e-auction conducted today by NMDC Kumaraswamy mines, iron ore base prices remain unaltered. Base prices of the material offered from NMDC’s Kumaraswamy mines stood as follows: fines (Fe 60%) – INR 1,678/MT and lump (Fe 62.3%) – INR 2,096/MT. For sponge grade lump (10-20 mm, Fe 61.9%) base price is at INR 1,805/MT. All prices mentioned are basic.

After witnessing stability since beginning of this fiscal, NMDC had raised base prices in Karnataka e-auctions last month amid sharp increase in sponge prices.

It is to be noted that in Chhattisgarh, NMDC has rolled iron ore prices for Nov’16 deliveries. The miner follows a differential iron ore pricing policy in the states of Chhattisgarh and Karnataka.