The miner has raised prices of Baila lump and fines by INR 100/MT, DR-CLO by INR 185/MT and ROM by INR 85/MT for Feb’17 deliveries.
India’s largest iron ore producer – National Mineral Development Corporation has raised iron ore prices upto INR 185/MT M-o-M w.e.f 02 Feb’17.
Last month the miner has raised iron ore prices by INR 125-140/MT M-o-M.
Factors governing NMDC (Chhattisgarh) iron ore prices:
High global iron ore prices – Iron ore fines (Fe 62%) index kept hovering in the range of USD 80-83/MT, CFR China in major part of Jan’17. However towards the end of Jan’17, prices remained unmoved over ongoing week long holidays of Chinese New Year.
Optimistic sentiments prevailing in domestic steel market – Indian steel makers had earlier announced that they are likely to raise finished steel prices by INR 1,500-2,000/MT in Feb’17. However dull domestic demand has forced prices to come down in traders market in later half of Jan’17. Further price hike by manufacturers will be absorbed by the market is skeptical.
Monthly average sponge iron prices in central India increased in Jan’17- On monthly average basis, sponge iron (C-DRI) prices in central India increased by INR 1,100/MT M-o-M in Jan’17. However towards the month end prices declined sharply over limited trade inquiries.
NMDC (C.G.) iron ore prices w.e.f 02 Feb’17:
|
Size |
Grade (Fe %) | Prices | M-o-M | |
| INR/MT |
% |
|||
| 10-40 mm, DR CLO | 67 | 2,745 | +185 | 7.22% |
| Baila lump , 6-40 mm | 65 | 2,325 | +100 | 4.50% |
| ROM, 10-150 mm | 65 | 2,100 | +85 | 4.22% |
| Blue Dust/Fines | 64 | 2,085 | +100 | 5.03% |
F.O.R prices in INR/MT
Royalty, DMF, NMET & other taxes extra
Source: SteelMint Research
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