Indian state-run iron ore miner NMDC has decided to increase prices of iron ore lumps and fines by around seven percent for October deliveries, according to the information from sources in the market collected by SteelOrbis.
The sources said that the price hike for the third consecutive month by NMDC was by around INR 200/mt ($2.7/mt), excluding all taxes and cess.
NMDC’s price for September deliveries had been INR 3,250/mt ($44.33/mt) for lumps and INR 2,960/mt ($40.38/mt) for fines. They are expected to reach INR 3,450/mt ($47.07/mt) for lumps and INR 3,160/mt ($43.11/mt) for fines for October.
Higher iron ore prices in India have been supported by the stronger steel market and the lack of high supply of raw materials.
$1 = INR 73.30