Indian mining company National Mineral Development Corporation (NMDC) has raised iron ore prices for lumps by Rs250/mt ($3/mt) and fines by Rs100/mt ($1/mt), for the rest of March deliveries. The move comes following a price hike in lump of Rs500/mt ($7/mt) by Odisha-based Essel Mining recently.
Effective March 21, NMDC’s iron ore lumps are priced at Rs5,350/mt ($74/mt) and fines at Rs4,310/mt ($60/mt), according to a company release.
The company had kept iron ore prices unchanged in the beginning of the month and had previously reduced prices by Rs600/mt in February.
On the contrary, International iron ore prices have softened in March with the benchmark of 62pc Fe close to $168/mt cfr China.
Indian Sponge prices have remained firm till now this month, hovering around Rs27,300/mt ($377/mt) ex-works Raipur. A few Sponge suppliers in Central India said that producers are enjoying quite a good realisation, so NMDC’s hike is not likely to have any major impact in the costing of Sponge producers.