NMDC Rolls Over Iron Ore Prices for Aug’16 Deliveries

National Mineral Development Corporation (NMDC) – India’s largest iron ore producer has kept iron ore prices unchanged for Aug’16 deliveries.

Last month, the miner had cut lump prices by INR 100-110/MT, ROM prices by INR 90/MT and kept fines prices unchanged.

Decent iron ore dispatches last month and unchanged Odisha iron ore prices may be the reason behind NMDC keeping its prices firm.

NMDC iron ore prices for Aug’16

Prices in INR/MT excluding DMF@30% of royalty and NMET
Royalty@15% and other taxes extra
Source: SteelMint Research

Dispatches from NMDC (C.G.) rises in Jul’16

NMDC supplied 271 rakes of iron ore in Jul’16 compared to 255 rakes in Jun’16. Sourcing from Chhattisgarh based sponge units remained stable and they sourced 53 rakes last month.

JSW Steel, Dolvi which didn’t procure a single iron ore rake in Jun’16, significantly raised its sourcing in Jul’16. The steel maker sourced 65 iron ore rakes in Jul’16.

Although supply from its Chhattisgarh mines increased marginally in Jul’16, its iron ore sales in Karnataka e-auctions fell in Jul’16. NMDC’s iron ore sales were recorded at 0.87 MnT in Jul’16 against 1.02 MnT in Jun’16.

NMDC’s iron ore export drops in Jul’16

Iron ore export from NMDC (C.G.) fell in Jul’16. The miner loaded 33 rakes for export from its Chhattisgarh mines in Jul’16 against 42 rakes in Jun’16.