After a long gap of around five months, NMDC has revised iron ore base prices in Oct’16 Karnataka e-auctions.
National Mineral Development Corporation (NMDC) has increased iron ore base prices in Karnataka e-auctions nearly upto INR 360/MT M-o-M.
It looks that uptrend in southern India sponge iron prices has drived up iron ore base prices in Karnataka e-auctions. Sponge iron prices in southern India rose by INR 1,700/MT last month.
NMDC’s base prices in Karnataka e-auctions have remained stable since Apr’16. However in the recently conducted e-auctions, the miner has raised base prices. Increment in lump base prices is higher compared to that in fines.
NMDC’s Donimalai fines prices up by INR 250/MT
In the Karnataka e-auction held on 06 Oct’16, base price of lump (Fe 62.2%) offered from NMDC’s Donimalai mines stood at INR 2,286/MT (basic) which was at INR 1,927/MT (basic) in the e-auction conducted on 06 Sept’16.
Similarly in fines, base price has moved up by INR 250/MT. In the e-auction held on 06 Oct’16, fines (Fe 60.2%) was base priced at INR 1,899/MT (basic) against INR 1,650/MT (basic) a month back.
NMDC’s Kumarswamy lump prices up by INR 300/MT
In the Karnataka e-auction held on 06 Oct’16, base price of lump (10-20 mm, Fe 62.2%) offered from NMDC’s Kumarswamy mines stood at INR 1,725/MT (basic) which was at INR 1,427/MT (basic) in the e-auction conducted on 26 Sept’16.
Similarly in fines, base price has moved up by INR 245/MT. In the e-auction held on 06 Oct’16, fines (Fe 60%) was base priced at INR 1,678/MT (basic) against INR 1,433/MT (basic) in the e-auction held on 26 Sept’16.
It is to be noted that in Chhattisgarh, NMDC has raised iron ore prices by INR 300-460/MT for Oct’16 deliveries. The miner follows a differential iron ore pricing policy in the states of Chhattisgarh and Karnataka.
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