NMDC Likely to Open Iron Ore Prices on Oct 5

India’s largest iron ore producer – National Mineral Development Corporation (NMDC) is likely to open iron ore prices for Oct’16 deliveries on 5 Oct’16.

Since Aug’16, NMDC has kept iron ore prices unchanged for its Chhattisgarh mines . Prices of Baila lump are at INR 1,700/MT and those of Baila fines are at INR 1,460/MT. (Prices mentioned are loaded to wagons, excluding Royalty, DMF & NMET).

Talking about Odisha, major merchant miners have raised lump prices by INR 600-700/MT and fines prices by INR 100-200/MT since mid of Sept’16. Uptrend in sponge iron prices has resulted in hike in Odisha iron ore prices.

NMDC produced 11.69 MnT iron ore in the first five months of FY17 (up by 11% Y-o-Y) and iron ore sales in the same time period was recorded at at 12.93 MnT (up by 15% Y-o-Y).