After NMDC announced iron ore price cut of INR 200-380/MT for February Indian mills have actively booked rakes from the miner from its Chhattisgarh mines.
SteelMint has learned from the sources that, steel and DRI producers of India have made aggressive bookings from NMDC (Chhattisgarh) after price cut announced by the miner.
As per sources, 77 rakes (equivalent to 300,000 MT) have been booked since 2nd Feb’19 from NMDC (Chhattisgarh), out of which CG based units booked 67 rakes (equivalent to 260,000 MT) of DR-CLO. In Jan’19, CG based units sourced 33 rakes from NMDC (C.G.).
On 1st Feb’19. NMDC announced price cut in iron ore by INR 200-380/MT for February bookings. Revised prices have come into effect from 02 Feb’19. Currently, NMDC (C.G) prices of Fe 64% Baila fines is at INR 2,360/MT and Baila lumps (Fe 65.5%) is at INR 2,600/MT for February 2019.
Iron ore procurement from NMDC’s Chhattisgarh mines by state-based units increased 14% to 33 rakes in Jan’19 as against being 29 rakes in Dec’18. The procurement by units outside C.G has witnessed a rise of 8% on monthly basis to 280 rakes in Jan’19 as against 259 rakes in Dec’18.
India’s largest iron ore miner -NMDC supplied a total of 354 rakes (1.36 MnT) of iron ore in Jan’19, up 5% on monthly basis, against 336 rakes (1.29 MnT) in Dec’18. Towards the beginning of Jan’19, NMDC, Chhattisgarh had reduced the iron ore prices by INR 300-465/MT for Jan’19.
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