India: NMDC Hikes Iron Ore Prices from Chhattisgarh Mines

NMDC Ltd, India's biggest iron ore producer, has raised prices of the mineral from its CG mines by up to INR 490/MT (upto 17%) effective from tomorrow, SteelMint learned from market sources.

The public sector miner raised prices of lump ore to 3,000 rupees per wet metric tonne (wmt) from 2,600 rupees/wmt, iron ore fines to 2,760 rupees per wet metric tonne from 2,360 rupees/wmt, DR CLO from 2,990 rupees/wmt to 3,480 rupees/wmt, according to sources.

Prior to this, the miner had announced a price cut of 11% in iron ore prices in the beginning of Feb'19. Indian Steel mills had actively booked material from NMDC after the price cut was announced.

However, Odisha based merchant miners have raised iron ore prices twice so far in Feb'19 by INR 200-300 & INR 400-600/MT respectively following surge in pellet and Sponge prices.