Posted on 02 Dec 2022
Following the recent duty revocation, the state-run iron ore miner NMDC hiked its iron ore quote by INR 300/tonne ($3.70) for December deliveries. The miner had previously dropped its quote for November deliveries, after keeping prices stable in September and October, Kallanish notes.
Effective 30 November, NMDC has pegged its 65.5% Fe, 6-40mm lump ore, and 64% Fe up to 10mm fines prices at INR 4,100/t and INR 2,910/t, respectively. The above prices exclude royalty, district mineral fund, national mineral exploration trust, cess, forest permit fee, and other taxes.
NMDC is yet to release its production and sales data for November.
NMDC will spend INR 9 billion to increase Kumaraswamy iron ore mine production capacity from 7 million tonnes/year to 10m t/y (see Kallanish passim).
This follows the recent approval of the necessary clearance by the Minister of Environment and Forests, allowing NMDC to increase production. The environmental clearance is valid up to 2042.
Source:Kallanish
