India: NMDC Hikes Iron Ore Price for Jan'2020

NMDC Ltd- India's biggest iron ore producer, has today announced a hike in its iron ore prices. Prices of iron ore fines and lumps have been increased by INR 200/MT and in DR-CLO price hike is by INR 230/MT and ROM by INR 190/MT.

Prices of Baila lump ore is at INR 2,800 per wet metric tonne (wmt), Baila iron ore fines are at INR 2,560 per wet metric tonne and DR CLO is at INR 3,250 per wet metric tonne and that of ROM is at INR 2,630 per wet metric tonne. FoR prices mentioned are excluding Royalty, DMF, NMET and other taxes.

Few Odisha's major merchant iron ore miners including Essel Mining, RP Sao have increased iron ore prices twice since mid Dec'19. Amid stocking iron ore ahead 2020 lease expiry, miners have been increasing prices. Recently they have hiked prices in lump upto INR 450/MT and INR 200/MT in fines.

Following this Raipur pellet offers increased by INR 700/MT M-o-M. Also SteelMint's monthly average P-DRI assessment for Raipur increased by INR 800-900/MT in Dec'19 and that for Billet by INR 700/MT.

Indian steel mills have already indicated hike in finished steel prices for Jan'20 amid active bookings in export and high global prices. Mills are expected to announce hike of around INR 1500/MT in flat steel prices for Jan'2020.