Domestic Iron Ore Production Is Projected To Grow By 5 Percent In 2018-19
Domestic iron ore offers remained stable even as steel prices remained volatile ahead of Diwali, industry sources said. State-owned NMDC kept prices unchanged in November.
Under pressure from domestic steel mills on the pricing issue and increased supply from Odisha, public sector iron ore major NMDC Ltd has rolled over October product prices to November supplies.
The company’s internal panel on pricing, decided to roll over the prices considering the domestic situation and international pricing, the source said.
For October, NMDC had increased its iron ore lumps prices by 300 per ton to 3,850, while prices of iron ore fines were raised by 200 per ton to 3,310.
NMDC reviews its iron ore product prices on a monthly basis.
Buoyed by good demand from domestic steel mills and higher prices in global markets, NMDC had hiked its iron ore prices twice in September. Domestic steel mills had raised objection, alleging that NMDC was taking advantage and charging higher than the import price.
Domestic steel mills had even sought government’s intervention to check the prices.
NMDC Ltd also recorded 12.21 million tons (mt) of iron ore production and sales volume of 13.40 mt as on April-September, 2018, the company said in a BSE filing.
The company recorded a production of 7.50 mt and 4.71 mt of iron ore in April-September, 2018 from its mines in Chhattisgarh and Karnataka respectively.
Further, the company recorded sales of 9.60 mt and 3.80 mt of iron ore in April-September, 2018 from its mines in Chhattisgarh and Karnataka respectively.
During July-September, iron ore supplies from Odisha also fell due to disruption in mining activity in the state, resulting in shortage of ore. This helped NMDC to raise the prices, the source said, adding prices are currently stable.
This story is from the November 2018 edition of Steel Insights.
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This story is from the November 2018 edition of Steel Insights.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 9,000+ magazines and newspapers.
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