NMDC Ltd- India’s biggest iron ore producer, has today announced a cut in its iron ore prices. Prices of iron ore fines and lumps have been reduced by INR 100/MT and in DR-CLO price cut is by INR 120/MT and ROM by INR 90/MT, as per sources. Revised prices have come into effect from today.
Prices of Baila lump ore is at INR 2,600 per wet metric tonne (wmt), Baila iron ore fines are at INR 2,360 per wet metric tonne and DR CLO is at INR 3,020 per wet metric tonne. FoR prices mentioned are excluding Royalty, DMF, NMET and other taxes.
Odisha based merchant iron ore miners have kept offers mostly unchanged except Serajuddin Mines who after booked a decent quantity of around 5,00,000-600,000 MT lump (5-18mm) at last offers of INR 3,400/MT ex-mines had raised prices by INR 300/MT. The miner was also learnt to have dispatches pending for the last bookings, however this could not be confirmed from a company official. It is to be noted that Serajuddin had kept its fresh offers for 5-18mm lump on hold since mid-Oct ’19 where as other private miners were already offering around INR 3,700-3,800/MT ex-mines, basis and the market was expecting Serajuddin to raise offers in line with other miners.
On the other hand, global iron ore fines prices have witnessed a drop. Spot iron ore fines index for Fe 62% stood at USD 81.15/MT, CFR China against USD 87/MT, CFR a month back.
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