NMDC slashes iron ore prices

The state-owned iron ore miner has reduced prices of lump ore and fines, effective from 17 September 2022.

The prices of lump ore (65.5%, 6-40mm) have been reduced by Rs 300, or 7.32%, to Rs 3,800 per ton compared with Rs 4,100 per ton fixed on 8 October 2022.

The prices of iron ore fines (64%, -10 mm) have been slashed by Rs 300, or 10.31%, to Rs 2,610 per ton from Rs 2,910 per ton set on 8 October 2022.

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 30 September 2022, the Government of India held 60.79% stake in the firm.

 

On consolidated basis, NMDC's net profit tumbled 58.2% to Rs 972.22 crore on 51% drop in net sales to Rs 3,328.45 crore in Q2 FY23 over Q2 FY22.

The scrip was down 0.42% at Rs 106.95 on the BSE.

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