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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.

News No: 4288
Date: 2019/04/09 - 15:58
News Source: SteelMint

India  NMDC  Iron Ore  Kumaraswamy  GST extra 

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