State-owned NMDC has increased the prices of lump ore by Rs 250 per tonne and fines by Rs 350 per tonne, effective immediately. This decision was announced in a regulatory filing, with lump ore now priced at Rs 6,450 per tonne and fines at Rs 5,610 per tonne.
Lump ore, which contains 65.5% iron (Fe), is considered high-grade, while fines are of inferior quality, with less than 64% Fe content.
These price revisions, effective from May 28, include royalty and contributions to the district mineral fund (DMF) and National Mineral Exploration Trust (DMET), but exclude other taxes, forest permit fees, and cess, according to the company.
The announcement follows the company’s quarterly results, where it reported a 38% decrease in consolidated net profit to Rs 1,415.62 crore for the March quarter due to increased expenses.
In the previous price revision on April 29, NMDC had set lump ore prices at Rs 6,200 per tonne and fines at Rs 5,260 per tonne.
Iron ore is a crucial raw material in steel manufacturing, and changes in its prices directly impact steel rates, affecting industries like construction, infrastructure, automobiles, and railways. NMDC, headquartered in Hyderabad, is India’s largest iron ore mining company, meeting around 20% of the country’s demand for this essential steel-making material.
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