India : NMDC Rolls Over Iron Ore Prices for May'19

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

Prices of Baila lump ore is at INR 2,850 per wet metric tonne (wmt) and Baila iron ore fines are at INR 2,610 per wet metric tonne. FoR prices mentioned are excluding Royalty, DMF, NMET and other taxes. Prior to this the miner had cut iron ore fines and lump prices by INR 150/MT for April.

Odisha's major merchant iron ore miners like Rungta Mines, Serajuddin Mines had kept iron ore lump prices unchanged but raised fines prices last week by INR 200/MT on the back of increased low-grade exports from Odisha.

Raipur (central India) pellet offers have remained stable since last month however no significant trade volumes were reported in the domestic market. On similar lines, pellet sponge prices have also remained rangebound in a months time.

In FY19 NMDC iron ore output was recorded at 32.47 MnT despite multiple challenges like closure at Donimalai mines for 5 months, nil exports till Aug'18, highest rainfall in Bailadila sector and poor off take in Karnataka sector for the first quarter. In FY18 the production and sales were marked at 35.58 MnT and 36.07 MnT respectively.