Indian miners hike iron ore prices

04 December 2017

Country’s largest iron ore miner, NMDC Ltd. hiked the prices of iron ore lumps by 13% over the month of October to INR 2,600 per tonne, the sharpest increase since the 23% jump in October last year, seemingly tracking the global trend.

The company also increased the prices of iron ore fines by 10% (month-on-month) to INR 2,260 a tonne. It had lowered both the prices by 4-5% last month. The prices mentioned are on FOR basis excluding royalty, DMF, NMET, Cess, Forest Permit Fee and other taxes.

Earlier in the week, Odisha based major merchant miners including the likes of Rungta Mines, KJS Ahluwalia and Kaypee Enterprises have raised their iron ore prices by INR 200-400/MT, mainly due to the rake availability issues, hike in P-DRI prices and less availability of iron ore.