India: NMDC Keeps Base Price Unchanged in July Karnataka Iron Ore E-auctions

India's largest iron ore miner - National Mineral Development Corporation (NMDC) has kept floor prices for upcoming Karnataka e-auctions unaltered in July'19.

NMDC fines (Fe 63%) base price from Kumaraswamy mines at INR 2,781/MT (basic).The prices for Fe 63.8% lump prices at INR 3,275/MT (basic). All prices mentioned are basic, royalty and other taxes extra.

Last month NMDC had increased iron ore fines and lumps by around INR 250/MT.

Southern India pellet offers hit 10-months low amid weak P-DRI prices. Pellet prices for Southern India have moved down by INR 800-900/MT M-o-M. In a month's time, P-DRI prices have also come down sharply by INR 2,000/MT. On similar lines, C-DRI prices in Bellary moved down by INR 2000/MT in June.

Iron ore operations are still on hold at NMDC's Donimalai mine. Judgement is still awaited and no final date has been revealed. NMDC Donimalai has EC limit of 7 MnT p.a. and produces around 6-6.5 MnT iron ore annually.

NMDC also has announced a rollover in its iron ore prices from Chhattisgarh mines for July deliveries.