India: NMDC Keeps Iron Ore Base Prices Unchanged for Feb Karnataka E-auctions
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National Mineral Development Corporation (NMDC) has kept the iron ore base prices unchanged for Karnataka e-auctions to be held in Feb'18 after raising prices by around INR 500/MT last month.
For Feb'18 base prices for NMDC Donimalai fines (Fe 60.2%) is maintained at INR 2,851/MT and lump (Fe 62.2%) - INR 3,311/MT, in line with the prices quoted for Jan'18 e-auctions. The prices have been rolled over amid better import parity and subdued sponge iron prices in Indian domestic market. C-DRI (80 FeM) prices in Bellary after climbing to INR 22,000/MT (ex-plant) in mid of Jan'18 declined to INR 20,300/MT (ex-plant) towards the month end.
The company has kept the prices of Baila lump and fines unchanged for February deliveries in Chhattisgarh with marginal reduction of INR 30/MT in DR-CLO prices. The miner had increased the prices by 22% in January.
| Grade (Fe %)
| NMDC Donimalai E-Auction - Iron Ore Base Prices for Feb'18 (in INR/MT) | |||
| Fines | M-o-M | Lump | M-o-M | |
| 65 | 3,590 | = | 3,728 | = |
| 64 | 3,436 | = | 3,579 | = |
| 62 | 3,128 | = | 3,281 | = |
| 58 | 2,511 | = | 2,684 | = |
| 57 | 2,357 | = | 2,535 | = |
Base prices mentioned are basic
Source: SteelMint Research
NMDC produced 12 MnT iron ore from its Karnataka based mines in FY17. The miner accounts for nearly 45% share in state's iron ore production. It operates two mines in Karnataka state namely Donimalai and Kumaraswamy. NMDC produced 24.23 MnT iron ore in first nine months of the current fiscal year. About 15.16 MnT was produced from Chhattisgarh mines and 9.07 MnT from Karnataka.
