News and Events

India's largest iron ore producer state-controlled NMDC rolled over its prices for September on the back of weaker demand and steel prices. The producer kept its domestic prices unchanged from last month at 4,100 rupees/t ($51.60/t) for lump with 65.5pc Fe and at Rs2,910/t for 10mm fines with 64pc Fe. Lump and fines prices are now lower by 33pc and 44pc respectively from a year earlier. NMDC's iron ore sales in August dipped by 2.7pc on the year and 4.1pc on the month to 2.83mn t, while output of 2.48mn t declined by 19pc on the year but rose by 21pc on the month. Domestic steel demand remained sluggish in the second half of August during the monsoon season and festival holidays, while export duties on steel products have kept shipments at multi-year lows. Indian hot-rolled coil prices slipped to Rs55,000/t on 9 September, lower by 30pc since hitting an all-time peak in early April and by 20pc since the imposition of export duties in late May. The daily Argus ICX 62pc iron ore index was at $103.20/dry metric tonne on 9 September, lower by 21pc from a year earlier.