NMDC hikes prices of iron ore lumps and fines by Rs 400 a tonne

The country’s largest iron ore miner NMDC on Tuesday hiked the prices of lump ore and fines by Rs 400 a tonne each with immediate effect.

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NMDC | iron ore miners | iron ore mining

The country’s largest iron ore miner NMDC on Tuesday hiked the prices of lump ore and fines by Rs 400 a tonne each with immediate effect.

This is the second upward price revision in two weeks time.

Iron ore is one of the key raw materials used to manufacture steel. Any movement in the prices of the mineral has a direct impact on the rate of steel, which is already trading at an all-time high in India.

In a regulatory filing, the company said it has fixed the prices of per tonne lump ore at Rs 6,000 and that of fines at Rs 4,960 a tonne.

While lump is high-grade iron ore having Fe (iron) content above 65 per cent, fine is inferior grade ore which needs beneficiation.

The revised prices are effective from March 8, 2022 and exclude royalty, District Mineral Fund (DMF), National Mineral Exploration Trust (DMET), cess, forest permit fee, and other taxes, the company said.

NMDC had announced its last price revision on February 25, when the company had fixed the prices of lump ore and fines at Rs 5,600 a tonne and Rs 4,560 per tonne, respectively.

NMDC, under Ministry of Steel, is the country’s largest iron ore miner.

The company, which has been in the business of mining iron ore for over six decades, produces about 35 MT iron ore from its three complexes in the country–one in Donimalai in Karnataka and two in the Dantewada district of Chhattisgarh.

NMDC has set an ambitious target of producing 100 MT iron ore by 2030.

(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)

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