NMDC (National Mineral Development Corporation), India’s largest and state-owned Iron ore producer, has kept Iron ore prices unchanged for May’15. The miner reviews prices on monthly basis but it had made a surprise cut of INR 200-500/MT in Iron ore prices w.e.f. 18 Apr’15. It had reduced prices in order to compete with cheaper imports.
NMDC Iron Ore Prices from Jan’15-May’15
|
Month |
10-150 mm (Fe 65%) | 10-40 mm, DR CLO (Fe 67%) | 6-40 mm (Fe 65%) |
Blue Dust/Fines (Fe 64%) |
| May’15 | 2,660 | 3,840 | 3,050 | 1,960 |
| Apr’15* | 2,660 | 3,840 | 3,050 | 1,960 |
| Apr’15 | 2,860 | 4,040 | 3,250 | 2,460 |
| Mar’15 | 2,860 | 4,040 | 3,250 | 2,460 |
| Feb’15 | 3,300 | 4,540 | 3,750 | 2,760 |
| Jan’15 | 3,690 | 4,990 | 4,200 | 3,060 |
*Prices effective from 18-30 Apr’15
Royalty and other taxes extra
Source: SteelMint Research
Spot Iron ore prices in China have improved by USD 14/MT, M-o-M. Uptrend in Spot Iron ore prices and depreciating Indian currency have made imports costlier. Thus, it seems that domestic Iron ore would be preferred over the imported ones.
In Apr’15, NMDC’s Iron ore exports from India remained nil. Its Long term Trade Agreements (LTAs) for supply of high grade Iron ore to South Korea & Japan ended on 31 Mar, 2015 and proposal for renewal of LTAs for 3 years w.e.f. 01 Apr, 2015 was tabled in the Parliament on 29 Apr, 2015.
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