India: NMDC Cuts Iron Ore Prices upto 7.8% for Dec - Sources

NMDC Ltd , India's biggest iron ore producer, has cut prices of the mineral by up to 7.8% percent for December, SteelMint learned from market sources.

The public sector miner, which fixes prices at every month, cut prices of lump ore to 3,550 rupees ($50.7) per wet metric tonne (wmt) from 3,850 rupees/wmt, iron ore fines to 3,110 rupees ($44.4) per wet metric tonne from 3,310 rupees/wmt, DR CLO from 4,620 rupees/wmt to 4,260 ($60.8) rupees/wmt, according to sources.

Reasons for fall in prices

1. Merchant miners in Odisha decreased prices in Last week of November on falling sponge and steel prices

2. Indian pellet export prices have dropped in last one month of the absence of buying interest from China.

3. Falling global iron ore prices coupled with appreciating Rupee has made imports more attractive.