Nirmal Kumar Pradeep Kumar (NKPK), a merchant iron ore miner based in Jharkhand has cut its iron ore lump prices by Rs 500/t for July delivery according to company officials. Prices have been cut owing to weak demand from sponge iron manufacturers and also falling iron pellet prices in domestic market.
Current offers for Fe 60-62%, CLO 5-18 mm is at Rs 5,000/t and 10-30 at Rs 4,500/t (Ex Mines,Incld Royalty). Although fines prices have been kept unchanged at Rs 1,400/t for Fe 58-60%. Mines is being operated by Thriveni Earth Movers.
Recently Rungta mines and Essel mines had cut their lumps prices by Rs 300-400/t in mid June 2013 and NMDC is likely to declare July iron ore prices on 3rd July 2013.
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