Indian state-run miner NMDC Limited has increased its iron ore sales price for the current month by INR 200/mt ($3/mt), the first time it has increased its price in the last eight months, company sources said on Friday, January 3.
The sources said that the price for iron ore lumps for current-month delivery will be INR 2,800/mt ($39.21/mt) ex-works and that for fines will be at INR 2,560/mt ($35.85/mt) ex-works, exclusive of all taxes, cess and royalties.
NMDC’s price hike comes in the wake of private miners in the eastern Indian state of Odisha increasing their prices in December by a range of INR 150-450/mt ($2-6/mt), the sources added.
Higher steel realization prices and stronger demand for iron ore resulted in the higher NMDC prices. Moreover, major steel mills, which are not fully self-sufficient in iron ore, are building stocks due to a possible shortage in the local market starting from April because of the expiration of the licenses of a number of mines.
$1=INR 71.40