India’s NMDC hikes iron ore prices for November deliveries

India’s NMDC hikes iron ore prices for November deliveries

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Indian state-run iron ore miner NMDC has increased its prices of lumps and fines by INR 150/mt ($2/mt) or by 4-5 percent for November deliveries, company sources said. The pricing committee of the company met on November 3 and approved the price hike, starting from November 4.

Accordingly, the price of iron ore lumps for the current month will be INR 3,600/mt ($48.38/mt), up from INR 3,450/mt ($46.37/mt) in October. The price of fines has been increased to INR 3,310/mt ($44.48/mt), up from INR 3,160/mt ($42.47/mt).

The miner has been increasing its iron ore prices continuously for the past several months and has effected a cumulative price increase of INR 1,350/mt ($18/mt) since July this year.

All prices are exclusive of levies and taxes applicable like royalties, cess, District Mineral Fund (DMF) and National Mineral Exploration Trust (NMET) and Goods and Service tax (GST).

$1 = INR 74.40

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