NMDC Cuts Iron Ore Price from Chhattisgarh Mines - Sources

NMDC Ltd- India's biggest iron ore producer, has today announced a cut in its iron ore prices. Prices of iron ore fines and lumps have been reduced by INR 200/MT and in DR-CLO price cut is by INR 230/MT and ROM by INR 180/MT, as per sources. Revised prices have come into effect from today.

Prices of Baila lump ore is at INR 2,700 per wet metric tonne (wmt), Baila iron ore fines are at INR 2,460 per wet metric tonne and DR CLO is at INR 3,140 per wet metric tonne. FoR prices mentioned are excluding Royalty, DMF, NMET and other taxes.

Due to weak steel prices in the domestic market amid sluggish domestic demand the miner has cut prices.

Prior to this the company had lowered prices by same quantum on 21 Aug'19.

Last week SteelMint reported that few Odisha major miners have widened discounts on bulk iron ore fines purchase. SteelMint's index for Odisha fines (Fe 63%) for bulk bookings was recorded around INR 1,750-1,850/MT (ex-mines, including Royalty, DMF & NMET) down against previous week's assessment of INR 1,900/MT (ex-mines, including Royalty, DMF & NMET). The prices mentioned are for bulk quantity of around 200,000 MT with upfront payment basis.

However index for 5-18mm lump is around INR 3,600-3,700/MT (ex-mines, including Royalty, DMF & NMET), down by INR 100-200/MT against a month back.