Indian state-controlled mining company NMDC raised its iron ore prices for the fourth straight month in May, even as domestic steel prices came under pressure from slow demand.
NMDC, India's biggest merchant iron ore miner, set the price for 10-40mm Baila 65.5pc lump ore at 5,500 rupees/t ($58/t) and 64pc Baila fines at Rs4,700/t. Both prices were Rs200/t higher on the month and came into effect from today.
The prices are on a free-on-rail basis, excluding royalty, goods and services tax (GST), cess, forest permit fees and other taxes.
NMDC has increased iron ore prices by about 20pc so far in 2026. This is in line with a surge in finished steel prices, which hit multi-year highs at the start of April on safeguard duties, tighter supply and firmer input costs during the Iran war. But steel prices came under pressure from the second week of April as labour shortages and tighter financing conditions during elections crimped demand. Buyers also scaled back procurement as they anticipated a further price correction.
The Argus weekly Indian domestic hot-rolled coil assessment for 2.5-4mm material fell from a near three-year high of Rs59,000/t ex-Mumbai excluding GST, at the start of April to Rs57,250/t on 30 April.
NMDC lifted iron ore production by 16pc on the year to 4.64mn t in April, following a record high output of 53.15mn t in the April 2025-March 2026 financial year. Sales were 1pc higher year-on-year at 3.68mn t in April, according to provisional data from the company.
