NMDC cuts prices of iron ore

The state-owned iron ore miner informed that it has decreased prices of lump ore and fines, effective from 21 March 2024.

According to the latest update by the company, the prices for Lump Ore (65.5%, 6-40mm) have been set at Rs 5,800 per ton, while Fines (64%,-10mm) are priced at Rs 5,060 per ton.

Comparatively, the prices in effect from 24 January 2023, were as follows: Lump Ore (65.5%, 6-40mm) at Rs 6,000 per ton and Fines (64%,-10mm) at Rs 5,310 per ton.

These new price adjustments reflect a slash of Rs 200 per ton for Lump Ore and Rs 250 per ton for Fines.

NMDC is India's single largest iron ore producer, presently producing about 35 million tonnes of iron ore from 3 fully mechanized mines, two located in Chhattisgarh and one in Karnataka. As of December 2023, the Government of India held 60.79% stake in the firm.

The companys consolidated net profit jumped 67.7% to Rs 1,492.68 crore on 45.43% increase in revenue from operations to Rs 5,409.90 crore in Q3 FY24 over Q3 FY23.

The scrip fell 0.12% to currently trade at Rs 205.50 on the BSE.

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