NMDC increases prices of iron ore

The state-owned iron ore miner informed that it has hiked prices of lump ore and fines, effective from 23 October 2024.

According to the latest update by the company, the prices for Lump Ore (65.5%, 6-40mm) have been set at Rs 6,350 per ton, while Fines (64%,-10mm) are priced at Rs 5,410 per ton.

Comparatively, the prices in effect from 1 October 2024, were as follows: Lump Ore (65.5%, 6-40mm) at Rs 5,750 per ton and Fines (64%,-10mm) at Rs 5,010 per ton.

These new price adjustments reflect a jump of Rs 600 per ton for Lump Ore an Rs 400 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 June 2024, the Government of India held 60.79% stake in the firm.

The state-owned miner's net profit (from continuing operations) jumped 20.25% to Rs 1,984.19 crore in Q1 FY25 as against Rs 1,650.07 crore posted in Q1 FY24. Revenue from operations fell marginally to 5,377.80 crore in the June quarter as compared with Rs 5,394.66 crore posted in Q1 FY24.

The scrip slipped 4.54% to close at Rs 215.40 on Tuesday, 22 October 2024.

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