India: NMDC Cuts Base Price for Karnataka Iron Ore E-auctions
India's largest iron ore miner - National Mineral Development Corporation (NMDC) has announced reduction in floor prices in upcoming Karnataka e-auctions scheduled in Apr’19. Iron ore base prices at NMDC Kumaraswamy have decreased by around INR 150/MT in both fines and lumps.
NMDC has decreased fines (Fe 63%) base price from Kumaraswamy mines by INR 144/MT to INR 2,540/MT (basic) against last assessment INR 2,684/MT. Similarly, for Fe 63.8% lump prices have decreased by INR 146/MT to INR 3,030/MT (basic) against last assessment INR 3,176/MT. All prices mentioned are basic, royalty and other taxes extra.
Iron ore operations are still on hold at NMDC’s Donimalai mine, which was renewed lease on 3rd Nov’18 for the next 20 years. But the State Govt. put the additional condition to pay 80% premium on iron ore sale value from Donimalai to the Karnataka state Govt. NMDC was in negotiation with the Govt of Karnataka over its decision to impose an 80% premium on iron ore sales from Donimalai. As the company’s earlier license did not include the premium.
NMDC Donimalai has EC limit of 7 MnT p.a. and produces around 6-6.5 MnT iron ore annually.
NMDC cuts pellet offers in Karnataka
NMDC has also reduced base price for pellets offered from its Donimalai plant in Karnataka. Current offers are at INR 6,900/MT (GST extra) on FoT basis for Fe 64% pellets for a quantity of 15,000 MT on advance payment basis. The price validity is till 15 Apr'19. NMDC's last pellet offers were at INR 7,000/MT on FoT basis.
source: SteelMint
Top News
Six last month
Two last year
China, Indonesia seal $10 billion in deals focused on green energy and tech
Copper price, stocks are being hammered as Trump tariff, China worries mount
Codelco copper production rises in September, Escondida dips
Suitors circle American Eagle Gold as South32 takes 19.9% stake
Top gold ETF sees largest weekly outflow since 2022 on Trump win
US judge narrows investor lawsuit against Rio Tinto over Mongolian mine
Japan, Peru to agree on cooperation in mineral mining technology
MinRes halts Bald Hill mine amid lithium price rout
Ahead of Rio Tinto buyout, Arcadium’s profit dips on sliding lithium prices
Families gather at South African mine shaft where hundreds are feared stuck underground
Soaring demand for copper will help drive mergers, BHP CEO says
Gold price faces worst week since 2021 as Fed signals no rate-cut rush
Lithium in nascent rebound, but long-term outlook is bleak
Higher silver supply to reduce global deficit by 4% in 2024
Swapping aluminum for copper will maintain China’s resources, group says
MinRes halts Bald Hill mine amid lithium price rout
Suitors circle American Eagle Gold as South32 takes 19.9% stake
Zimbabwe to end tax relief for miners to spur mineral processing
Australian iron ore giants’ shares sink on disappointing China stimulus
Families gather at South African mine shaft where hundreds are feared stuck underground
Soaring demand for copper will help drive mergers, BHP CEO says
Gold price faces worst week since 2021 as Fed signals no rate-cut rush
Higher silver supply to reduce global deficit by 4% in 2024
Swapping aluminum for copper will maintain China’s resources, group says
MinRes halts Bald Hill mine amid lithium price rout
Suitors circle American Eagle Gold as South32 takes 19.9% stake
Zimbabwe to end tax relief for miners to spur mineral processing
Australian iron ore giants’ shares sink on disappointing China stimulus