NMDC has cut iron ore prices, too aggressively, ~40% in the past three months post increase in export duty, to export parity level. We believe domestic prices have bottomed out and should recover with demand from 2HFY23E. We see limited downside to seaborne prices as well, despite weak demand in China, due to cost support. The steel plant demerger and listing are likely to conclude in Q3FY23E and...

State-owned iron ore miner NMDC on Tuesday reduced iron ore prices by Rs 500 per tonne each for both lump and fines varieties on subdued demand from the steel industry.The decision to prune the price comes on the back of a 40?cline in sales for the country’s largest iron ore producer in June to just 1.9 million tonne (mt) compared with 3.18 mt in the same month last fiscal. For the first quarter...

State-run iron ore miner NMDC’s sales nosedived 40% in June to 1.9 million tonne (MT) from 3.18 MT in June 2021, indicating weaker demand from steelmakers. In Q1FY23, NMDC reported a 20% year-on-year (y-o-y) decline in sales, despite reducing prices by up to 36?tween April 1 and June 5, the effective date of the last price revision.An NMDC official attributed the fall in sales in Q1 and in June,...

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State-run NMDC’s three million tonne per annum (mtpa) greenfield steel plant at Nagarnar in Chhattisgarh is likely to be commissioned towards the end of September, after a delay of nearly seven years. The state-run firm spent Rs 20,240 crore as of May this year for the plant and is likely to spend another Rs 1,700 crore as mostly commissioning-related milestone payment. The project has seen cost...