NMDC hikes prices for 2nd time in a month

Iron ore miner NMDC on Monday announced hike of up to Rs 400 per tonne in the prices of lump ore and fines, marking the second increase in rates within a month.

NMDC has increased the price of high grade iron ore (lumps) by Rs 400 to Rs 3,200 per tonne, the miner informed the BSE.

The price of iron ore fines, which are inferior grade ore, has been increased by Rs 350 to Rs 2,910 per tonne.

On January 2, the company had fixed the price of lump ore at Rs 2,800 per tonne, up from 2,600 per tonne in November 2019.

The price of fines were also fixed at Rs 2,560 a tonne, higher from Rs 2,360 per tonne fixed by NMDC in November 2019.

Iron ore is the main ingredient used in making steel.

The hike in prices will have a direct impact on the prices of steel, an expert said.

NMDC produces about 35 million tonne of iron ore from three fully-mechanised mines.

The company is involved in exploration of a wide range of minerals including iron ore, copper, rock phosphate, limestone, dolomite, gypsum, bentonite, magnesite, diamond, tin, tungsten, graphite, beach sands, among others.