India: NMDC Rolls Over Iron Ore Prices for July

NMDC Ltd- India's biggest iron ore producer, has today announced a roll over in its iron ore prices for July deliveries.

Prices of Baila lump ore is at INR 3,100 per wet metric tonne (wmt), Baila iron ore fines are at INR 2,860 per wet metric tonne and DR CLO is at INR 3,600 per wet metric tonne. FoR prices mentioned are excluding Royalty, DMF, NMET and other taxes.

Odisha merchant miners kept iron ore prices unchanged in June - Odisha based major merchant miners kept iron ore prices unchanged after receiving decent bookings at last offers. Odisha iron ore prices assessment for 5-18mm lump (Fe 63%) for bulk, bookings are around at INR 4,000-4,200/MT and fines (Fe 63%) at INR 1.900-2,200/MT (ex-mines, including Royalty, DMF & NMET). The prices quoted are for 100,000 MT booking.

Imported iron ore turns costlier as global fines index hit 5 years high-: Spot iron ore prices increased sharply amid supply concerns. Fe 62% fines reached at 5 years high to USD 117.5/MT, CFR China on 20th Jun'19 against USD 100/MT, CFR, China a month ago. These level of iron ore price last seen in April 2014. Following this imported iron ore prices to India also moved up sharply.

However on the other side, India's domestic sponge and billet prices plunged amid weak market fundamentals. SteelMint's assessment of Pellet Sponge (P-DRI) in Raipur stands at INR 16,300/t (ex-Raipur) against INR 18,600/MT a month back.

For June, NMDC had raised Baila lump and fines price by INR 250/MT.