NMDC slips on reducing iron ore prices

NMDC fell 1.03% to Rs 153.30 after the PSU miner reduced prices of lump ore and fines with effect from 4 September 2021.

The prices of lump ore (65.5%, 6-40 mm) have reduced by 14% to Rs 6,150 per ton compared with Rs 7,150 per ton fixed on 6 August 2021. The prices of iron ore fines (64%, - 10 mm) were reduced by 16.23% to Rs 5160 per ton from Rs 6,160 per ton set on 6 August 2021.

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. The company's consolidated net profit soared 500.14% to Rs 3,191.45 crore on 236.11% jump in revenue from operations to Rs 6,512.21 crore in Q1 June 2021 (Q1 FY22) over Q1 June 2020 (Q1 FY21).

 

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