Indian state-owned miner NMDC Limited reduced its iron ore prices by ₹200 per ton effective August 8, bringing the base price of high-grade lump ore to ₹5,250 per ton and fines to ₹4,500 per ton. This price correction came despite a 31% year-on-year surge in July iron ore production, which reached 4.06 million metric tons as domestic operations scale up to meet regional steelmaking demand.

[India] Indian long steel prices registered a slight decline across major markets, with buying activity remaining cautious amid the monsoon season. Mandi Gobindgarh TMT held at 503.10 USD/tonne (47,900 INR/tonne), while primary producer offers remained at 525.15 USD/tonne (50,000 INR/tonne) ex-Durgapur. In the semis market, Mandi Gobindgarh billet was unchanged at 447.43 USD/tonne (42,600 INR/tonne), although billet prices in Durgapur and Raipur slipped by 4.20 USD/tonne (400 INR/tonne) and 1.05 USD/tonne (100 INR/tonne), respectively. Export sentiment remained subdued, with Indian HRC offers heard at 490 USD/tonne FOB to European buyers and 520 USD/tonne FOB to Middle Eastern buyers. But buyers were not interested in these levels amid the availability of lower-priced material from other regions. Domestic raw material prices softened in July, led by lower iron ore and manganese ore prices. NMDC reduced Baila lump (65.5%) prices by 4.4% month on month to 57.10 USD/tonne (5,450 INR/tonne) and Baila fines (64%) by 3.1% to 49.30 USD/tonne (4,700 INR/tonne), while MOIL's 37% Mn lump ore declined 5.0% to 194.20 USD/tonne (18,529 INR/tonne).

India's steel market presented a mixed picture in July, with domestic consumption continuing to outpace production while exports rebounded sharply, nearly matching imports for the month. However, strong import volumes earlier in the fiscal year kept the country a net importer through April-July.

NMDC's last price revision on July 10th listed $51.16/tonne (INR5,450/tonne) for Baila Lump (65.5% Fe) and $49.29/tonne (INR4,700/tonne) for Baila Fines (64% Fe). These prices have remained in effect through early August, with no subsequent revision announced by the company.

India's state-owned miner NMDC is exploring investment opportunities in Argentina's copper and critical minerals sector as part of its strategy to diversify overseas mineral assets and strengthen long-term resource security. Company representatives recently visited Argentina to assess mining projects and investment opportunities, reflecting India's broader efforts to secure supplies of copper and other critical minerals needed for the energy transition and advanced manufacturing.

Indian state-run mining giant NMDC Limited formally awarded a major infrastructure development contract valued at INR 26.21 billion ($340 million) to Rail Vikas Nigam Limited (RVNL). According to regulatory filings, the heavy engineering project encompasses the comprehensive design and construction of a centralized iron ore buffer stockyard and mechanized blending facility at the southern port town of Vishakhapatnam. Scheduled for absolute completion within 42 months, the logistics complex will optimize the bulk handling, raw material storage, and maritime movement of high-grade ores, boosting merchant supply chain efficiency.