Indian state-run miner NMDC Limited has announced its second increase in local iron ore prices in October, effective as of today, October 23. One of the reasons for the continuing uptrend in the iron ore market, despite some reductions in local steel prices, are the lower deliveries from Odisha due to the longer-than-expected impact of the monsoon season.
The price of iron ore lumps (10-40 mm, Fe content 67 percent and higher) has moved up by INR 700/mt ($8/mt) to INR 7,420/mt ($88/mt) ex-pithead, with the price of lumps increasing by a total of INR 1,000/mt ($12/mt) in October.
The price of iron ore fines (less than 10 mm, Fe content 64 percent) has been hiked by INR 400/mt ($5/mt), taking the effective price to INR 5,410/mt ($64/mt) ex-pithead, INR 800/mt ($9.5/mt) higher than the level in late September.
All prices are inclusive of mandatory levies like District Mineral Fund (DMF), National Mineral Exploration Trust (DMET) cess and forest permit fees.