India: NMDC Lowers Base Price in Karnataka Iron Ore E-auctions for May'20

India's largest iron ore miner - National Mineral Development Corporation (NMDC) has lowered prices in Karnataka following price cut in its Chhattisgarh mines. The miner has decreased its floor prices by around INR 300-400/MT in both lumps and fines, depending on grades for Karnataka e-auctions.

The base price of NMDC fines (Fe 64%) from Kumaraswamy mines for today's advance e-auction is kept at INR 1,864/MT (basic), down by INR 403/MT against the last e-auction at INR 2,267/MT.

Similarly for Fe 64% lump also the base price has moved down by around INR 395/MT to INR 2,665/MT (basic) as against previous e-auction price at INR 3,060/MT. All prices mentioned are basic, royalty, and other taxes extra.

NMDC has lowered the base price by INR 300-330/MT for low & medium grade ore ranging from Fe 58-60%, as per sources.

Southern India (Karnataka) based major steel makers kept the operations suspended last month due to the Coronavirus pandemic resulting in limited procurement of iron ore.

Last week, NMDC (C.G) had also decreased iron ore fines and lump prices by INR 400/MT and DR CLO by INR 470/MT.