Indian state-controlled iron ore producer NMDC raised its iron ore prices, on the back of a recovery in domestic steel prices given thin supply and higher demand.
The miner has set a price of 6,200 rupees/t ($74/t) for 65.5pc lump ore, up by Rs400/t from the price set in March. It raised prices by Rs200/t to Rs5,260/t for 64pc iron ore. Both price revisions are effective from 27 April.
NMDC had lowered raw material prices by around Rs200/t in March, as weak downstream demand and ample supplies weighed on domestic Indian steel prices.
Steel prices have moved up in the last few weeks, as oversupply eased because of mill maintenances and buyers looked to restock material.
The Argus weekly Indian hot-rolled coil (HRC) assessment for 2.5-4mm material was at Rs53,500/t ex-Mumbai — excluding goods and services tax — on 26 April, up by Rs1,500/t from the end of March.
NMDC's iron ore output hit a record high of 45.1mn t in the April 2023-March 2024 fiscal year, despite lower year-on-year production in March.
