India: NMDC Increases Iron Ore Base Price in Karnataka Auctions
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NMDC has increased base prices in Karnataka e-auctions by INR 150/MT in both lump & fines for the auction.
India's largest iron ore miner - National Mineral Development Corporation (NMDC) has announced price revision today (27th Aug'18) in its floor prices of Karnataka e-auctions. Iron ore base prices at NMDC Kumaraswamy have been increased by INR 150/MT in fines and lumps both with effect from today (i.e. 27 Aug'18).
NMDC Kumaraswamy has increased fines (Fe 62.5%) base price by around INR 150/MT to around INR 2,439/MT (basic) against last assessment INR 2,298/MT. Similarly, for Fe 64% lump prices have also increased by around INR 150/MT to around INR 3,056/MT (basic) against last assessment INR 2,908/MT. All prices mentioned are basic. Royalty and other taxes extra.
| NMDC Kumarswamy E-Auction - Iron Ore Base Prices for Aug'18 (INR/MT) | |||||
| Grade (%) | Fines | M-o-M | Grade (%) | Lump | M-o-M |
| 62.5 | 2,439 | +141 | 63.8 | 3,030 | +147 |
| 62.8 | 2,477 | +143 | 64 | 3,056 | +148 |
| 62.2 | 2,400 | +139 | 63.5 | 2,989 | +145 |
Base prices mentioned are basic
Source: SteelMint Research
Last week the miner had raised iron ore prices from its Chhattisgarh mines by the same amount.
Towards the end of July, NMDC had cut base prices in e-auctions by INR 300/MT for fines and lumps by INR 100/MT.
NMDC's iron ore sales increased by 49% M-o-M to 1.1 MnT in Jul'18 compared to 0.74MnT in Jun'18. NMDC Kumarswamy recorded an increase of 40% in its sales volume to 0.45 MnT in Jul'18 compared to 0.32 MnT in Jun'18 while sales from NMDC Donimalai mines has increased significantly this month also by 55% to 0.65 MnT in Jul'18 compared to 0.42 MnT in Jun'18.
