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India's largest iron ore producer state-controlled NMDC has raised its prices on increasing sales and recovering steel consumption.
The producer increased its domestic prices by 200 rupees/t ($2.50/t) from last month to Rs4,100/t for lump with 65.5pc Fe and by Rs100/t to Rs2,910/t for 10mm fines with 64pc Fe. Lump and fines prices are now lower by 43pc and 53pc respectively from the previous year.
NMDC's output in July dropped by a third from a year earlier to the lowest level in nearly two years at 2.05mn t. But its sales rebounded to 2.95mn t, having hit a 22-month low the previous month.
Domestic steel demand has increased since July and is expected to pick up further with the end of monsoon rains in September, while steel prices are also seen nearing a floor.
The daily Argus ICX 62pc iron ore index was at $108.75/dry metric tonne on 10 August, lower by 33pc from a year earlier.
argusmedia.com
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