National Mineral Development Corporation (NMDC) has decreased the iron ore base prices for Karnataka e-auctions to be held in Mar’18. The price cut made is around INR 100/MT for high grade ore while around INR 60-70/MT for low grade ore.
Last month the miner had rolled over the prices for February e-auctions.
For Mar’18, base prices for NMDC Donimalai fines (Fe 60.2%) has been decreased to INR 2,765/MT and lump (Fe 62.2%) to INR 3,221/MT. In Feb’18, base prices for NMDC Donimalai fines (Fe 60.2%) stood at INR 2,851/MT and lump (Fe 62.2%) at INR 3,311/MT, in line with the prices quoted for Jan’18 e-auctions.
The company has decreased the prices for its Chhattisgarh mines as well by about INR 90-120/MT for March deliveries.
| Grade (Fe %) | NMDC Donimalai E-Auction – Iron Ore Base Prices for Mar’18 (INR/MT) | |||
| Fines | M-o-M | Lump | M-o-M | |
| 65 | 3,485 | -105 | 3,627 | -101 |
| 64 | 3,335 | -101 | 3,482 | -97 |
| 62 | 3,035 | -93 | 3,192 | -89 |
| 58 | 2,435 | -76 | 2,612 | -72 |
| 57 | 2,285 | -72 | 2,467 | -68 |
Base prices mentioned are basic
Source: SteelMint Research
NMDC produced 12 MnT iron ore from its Karnataka based mines in FY’17. The miner accounts for nearly 45% share in state’s iron ore production. It operates two mines in Karnataka state namely Donimalai and Kumaraswamy.
NMDC produced 27.87 MnT iron ore in first ten months of the current fiscal year. About 17.84 MnT was produced from Chhattisgarh mines and 10.03 MnT from Karnataka.
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