India's biggest iron ore producer, NMDC, has announced a price cut of about 10-12% in the price of iron ore for the month of Jan’19, SteelMint has heard from its market sources.
Market participants were expecting a price cut looking at aggressive price cuts done by Odisha miners.
Last month NMDC had slashed iron ore price between INR 450-785/MT for Dec’18 via two successive price cuts announced.
Odisha based major merchant miners have reduced iron ore prices drastically. Fines prices have come down by 34% while lump prices have come down by 25%. Key merchant miners in Odisha are looking at scaling up their iron ore production in order to utilize their remaining Environmental Clearance (EC) approved for the financial year 2019 (Apr 2018 – Mar 2019)
Serajuddin mine has cut its iron ore lump prices by INR 500/MT w.e.f 31st Dec’18. As per sources, the miner has cut prices of 5-18mm (Fe 63%) from INR 4,300/MT to INR 3,800/MT (ex-mines, including Royalty, DMF & NMET).Miner has cut prices for regular buyers.
Iron ore concentrate production of major Iranian mining companies stood at 41,919,926 tonnes in the first eleven-month of current Iranian year (March 21,2018-February19,2019),up 19 percent year-on-year.
MMTC- India’s largest and state-owned trading house, has floated EOI for empanelment of mine owners/ suppliers/ traders for the supply of non-canalised Iron Ore Fines and CLO.
Eseel Mining, a unit of Aditya Birla group is set to reduce its offers for iron ore lumps by Rs 400/t ($5.6). Essel Mining is one of the largest merchant iron ore miners with an annual capacity of 10 million tonnes per annum in the state of Odisha.
India's largest iron ore miner - National Mineral Development Corporation (NMDC) has announced a hike in floor prices in upcoming Karnataka e-auctions scheduled on 1st Mar’19. Iron ore base prices at NMDC Kumaraswamy have increased by around INR 400/MT in both fines and lumps.
Post Vale disruption, Indian pellet export prices rallied anticipating shortage in seaborne pellet trades. However, market sentiments have turned dull after Chinese New year holidays. Amid shrinking steel margins, Chinese mills are preferring low-grade iron ore and concentrate rather than going for high-grade ore & pellets.
According to the updates received, the NMDC Donimalai case has heard by the Karnataka High Court today and it has reserved the Judgement till next hearing for which date was not confirmed till the time of publishing this report.