NMDC slashes iron ore prices by ₹200 per tonne

Mining major NMDC has reduced iron ore prices by ₹200 per tonne with effect from July 10.

Following the revision, the price of Lump ore is ₹7,450 per tonne, while that for the same quantity of Fines ₹6,360, the company said in a filing on Monday. India’s largest iron ore producer, NMDC has, with this, changed the prices four times in the fiscal, including twice in April. The latest revision is the first instance of the prices being reduced this fiscal. Changes in the ore prices are a pointer of the demand for steel.

From ₹5,850 for Lump ore and ₹4,560 for Fines on April 3, the prices moved up to ₹7,650 and ₹6,560 respectively, following two more revisions, including the last on May 12. In June, the firm had maintained the prices.

NMDC is keen on ramping up production to 44 million tonnes (MT) this fiscal. A senior official had recently said prices were ‘looking good’ and that there was good demand in the country. In FY21, NDMC had produced 34.15 MT and had sold 33.25 MT.

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Printable version | Sep 21, 2021 8:51:37 AM |

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