The miner has cut lump prices by INR 300-360/MT, ROM prices by INR 260/MT and kept fines prices unchanged for Dec’15 deliveries.
National Mineral Development Corporation (NMDC) has today (i.e. 03 Dec’15) further reduced lump prices by upto INR 300-360/MT, ROM prices by INR 260/MT and kept fines prices unchanged for Dec’15.
Prior to this the miner made a surprise price cut on 26 Nov’15 whereby it had cut lump & ROM prices by upto INR 360/MT.
Sufficient iron ore inventories with the steel makers has compelled the steel makers to procure less raw material last month.
JSW Steel loaded only 13 rakes of iron ore in Nov’15 against 80 rakes in Oct’15. Iron ore sourcing of RINL from NMDC Bailadila mines also reduced significantly from 181 rakes in Oct’15 to 157 rakes in Nov’15. Procurement by Chhattisgarh based plants also fell drastically by 78% M-o-M in Nov’15.
NMDC’s iron ore sales via Karnataka iron ore e-auctions remained almost stable. The miner sold 1.06 MnT iron ore via Karnataka e-auctions in Nov’15.
NMDC Iron Ore Prices for Dec’15
| Size | Grade (Fe %) | Prices | Change |
| 10-40 mm, DR CLO | 67 | 2,180 | -360 |
| Baila lump , 6-40 mm | 65 | 1,800 | -300 |
| ROM, 10-150 mm | 65 | 1,610 | -260 |
| Blue Dust/ Fines | 64 | 1,560 | 0 |
Prices in INR/MT excluding DMF@30% of royalty
Royalty@15% and other taxes extra
Source: SteelMint
Since the beginning of this fiscal Baila lump & fines prices of NMDC have declined by 45% & 37 % respectively.
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