India: NMDC cuts iron ore prices by up to INR 870/t for Dec’21

NMDC has cut iron ore prices sharply by INR 200-870/t for Dec’21 deliveries, SteelMint learnt from sources. Competitive pellet offers, dull response at recent auction, and declining prices in Odisha resulted in lowering of offers.

• DR CLO (10-40mm, Fe 67%) – INR 6,040/t (-870)
• Baila lump (6-40mm, Fe 65.5%) – INR 5,200/t (-750)
• Baila fines (Fe 64%) – INR 4,560/t (-200)
• Prices are on FOR basis, and royalty and taxes are extra.