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India's largest iron ore producer NMDC has raised its iron ore prices for January, the second straight month of increase.
The state-controlled producer increased domestic prices by 200 rupees/t ($2/t) from November to Rs4,300/t for lump with 65.5pc Fe and by Rs500/t to Rs3,410/t for 10mm fines with 64pc Fe. Lump and fines prices are now lower against the previous year by 12pc and 16pc, respectively.
Domestic steel demand is likely to pick up in the January-March 2023 quarter as consumption typically picks up before the end of fiscal year, while exports are also likely to climb as international markets recover and Indian mills accelerate shipments in the absence of export duties.
The Indian government removed export duties on steel products and iron ore imposed on 19 November. The duties had been imposed in May.
The daily Argus ICX 62pc iron ore index was at $117.60/dry metric tonne on 30 December, down by 1pc from a year earlier but up by 16pc on the month.
argusmedia
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