State-owned NMDC on Thursday hiked prices of lump ore by Rs 200 a tonne and fines by Rs 100 per tonne with immediate effect. The company has fixed the prices of lump ore at Rs 4,100 per tonne and that of fines at Rs 2,910 a tonne. In its last price revision announced on July 12, NMDC had slashed the prices of lump ore and fines by Rs 500 per tonne each to Rs 3,900 and Rs 2,810, respectively.
Iron ore is one of the key raw materials used in the manufacturing of steel, and any movement in the prices of the mineral has a direct impact on the rates of steel that has been a matter of concern for the user industries for the past couple of months. Research firm SteelMint attributed the hike to “lower production (of the mineral) owing to monsoons, restocking demand and stability in steel prices are some of the factors supporting iron ore prices”.
The new rates exclude royalty, District Mineral Fund (DMF), National Mineral Exploration Trust (DMET), cess, forest permit fee, and other taxes, NMDC said. Hyderabad-based NMDC (formerly known as National Mineral Development Corporation) is India’s largest producer and seller of iron ore. The company, under the Ministry of Steel, contributes around 17 per cent to the country’s annual iron ore output.
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Story first published: Thursday, August 11, 2022, 13:56 [IST]