NMDC Increases Iron Ore Prices for Mar’16 Deliveries

National Mineral Development Corporation (NMDC)- state controlled miner has raised iron ore prices by INR 70-150/MT M-o-M for Mar’16. 

The miner has raised lump & fines prices by INR 150/MT, ROM prices by INR 140/MT and DR-CLO prices have gone up by INR 70/MT. Last month the miner had rolled over its prices. 

It looks that surge in iron ore prices in global market has impacted domestic market as well. Global iron ore prices have increased by USD 12/MT M-o-M over rise in steel prices in China. Following this offers for imported iron ore to India have also moved up sharply. Hence domestic iron ore prices have also shown an increase.

NMDC Iron Ore Prices for Mar’16

Prices w.e.f 11 Mar’16  in INR/MT excluding DMF@30% of royalty
Royalty@15% and other taxes extra
Source: SteelMint Research

NMDC’s iron ore sales stable in Chhattisgarh, up in Karnataka

Iron ore purchases from NMDC, Bailadila mines by Chhattisgarh based plants remained stable in Feb’16. 73 rakes of iron ore were supplied to Chhattisgarh based plants in Feb’16. The same amount of iron ore was dispatched in Jan’16. On the other hand, 122 rakes of iron ore were supplied from NMDC Bailadila mines to other states against 125 rakes in Jan’16.

Contrarily in Karnataka, iron ore sales in NMDC (Karnataka) has witnessed sharp increase in Feb’16. As per Karnataka DMG data- 1.33 MnT iron ore was sold in Feb’16 against 0.77 MnT in Jan’16.

NMDC iron ore export fall in Feb’16

NMDC iron ore export has witnessed a fall of 24% M-o-M in Feb’16 and was recorded at 224,000 MT in Feb’16 against 294,460 MT in Jan’16.