National Mineral Development Corporation (NMDC) has rolled over the iron ore base prices for Karnataka e-auctions to be held in Apr’18. Last month the miner had cut high grade iron ore prices by about INR 100/MT and that for low grade by INR 60-70/MT.
For Apr’18, base prices for NMDC Donimalai fines (Fe 60.2%) is maintained at INR 2,765/MT and for lump (Fe 62.2%) at INR 3,221/MT, in line with the prices quoted for Mar’18 e-auctions. As per sources, stable demand has resulted in keeping prices unchanged for April e-auctions.
The company has kept prices unchanged for its Chhattisgarh mines as well. Last month the miner had reduced iron ore prices by INR 90-120/MT.
| Grade (Fe %) | NMDC Donimalai E-Auction – Iron Ore Base Prices for Apr’18 (INR/MT) | |||
| Fines | M-o-M | Lump | M-o-M | |
| 65 | 3,485 | = | 3,627 | = |
| 64 | 3,335 | = | 3,482 | = |
| 62 | 3,035 | = | 3,192 | = |
| 58 | 2,435 | = | 2,612 | = |
| 57 | 2,285 | = | 2,467 | = |
Base prices mentioned are basic
Source: SteelMint Research
CEC Approves Enhancement of NMDC Karnataka Mines to 14 MnT
In a major development, NMDC – India’s largest iron ore miner has got approval to enhance its iron ore production limit to 14 MnT by CEC (Central Empowered Committee) from previously allotted 9.45 MnT in Karnataka. The letter issued by CEC reads NMDC Donimalai (ML no 2396) is approved to enhance its permissible annual production from 3.38 MnT pa to 7 MnT pa, based on EC limit. Also, NMDC’s Kumaraswamy mine having ML no. 1111 has been approved to enhance its permissible annual production from previous 6.07 MnTpa to 7 MnT pa.
NMDC iron ore production from Karnataka stable in FY’18
The miner accounts for nearly 45% share in state’s iron ore production. It operates two mines in Karnataka state namely Donimalai and Kumaraswamy.
In first eleven months of FY’18 (i.e during Apr’17-Feb’18), NMDC’s iron ore production has been recorded at 31.32 MnT, up 3% against 30.33 MnT in the same time frame last fiscal.
The total production from Chhattisgarh mines for FY’18 (Apr’17- Feb’18) recorded at 20.29 MnT, up 5% against 19.41 MnT same period last fiscal. The production from Karnataka mines for first eleven months FY’18 recorded at 11.03 MnT, almost stable against 10.92 MnT same period FY’17.
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