NMDC Raises Iron Ore Prices by Rs 200 per Tonne, Fines by Rs 150 per Tonne

NMDC Hikes Iron Ore Prices by Rs 200 per Tonne

State-owned miner NMDC has increased iron ore prices by Rs 200 per tonne and Rs 150 per tonne for fines, effective immediately. This marks the third price hike in the ongoing quarter.

The company has fixed the price of baila lump ore at Rs 5,700 per tonne and fines at Rs 4,850 a tonne. This new pricing structure is exclusive of royalty, district mineral fund (DMF), National Mineral Exploration Trust (DMET), cess, forest permit fee, transit fee, GST, environmental cess, and other taxes. The new prices will be applicable from June 3.

Iron ore and coking coal are the two primary raw materials used in the manufacturing of steel through the blast furnace route, and any movement in their prices has a direct impact on the rates of steel. Steel is a widely used alloy in various segments such as construction, infrastructure, automobile, and railways.

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NMDC's latest price revision is the third hike in prices of iron ore and fines during the ongoing quarter. In its previous price revision on May 6, the company had fixed the rate of the baila lump at Rs 5,500 per tonne and fines at Rs 4,700 per tonne. Prior to that, on April 5, the company had fixed iron ore prices at Rs 5,300 per tonne and fines at Rs 4,500 a tonne.

NMDC, a Hyderabad-based company under the Ministry of Steel, contributes around 20 per cent to India's total iron ore production.