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India's largest iron ore producer state-controlled NMDC rolled over its prices for a second straight month in October.
The producer kept its domestic prices unchanged from last month at 4,100 rupees/t ($49.74/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 31pc and 39pc, respectively, than they were a year earlier.
NMDC's iron ore sales rose by 7pc on the year and 3pc on the month to 2.91mn t in September, while output rose by 1.5pc on the year and 10pc on the month to 2.73mn t.
Domestic steel consumption picked up last month as lower prices boosted restocking, but demand is expected to remain slow because of the Dusshera and Diwali festival holidays in October.
Indian hot-rolled coil prices stood at Rs57,250/t on 7 October, down by 27pc since hitting an all-time peak in early April and by 17pc since the imposition of export duties in late May.
The daily Argus ICX 62pc iron ore index stood at $98.55/dry metric tonne today, down by 28pc from a year earlier. Argusmedia
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