NMDC hikes prices for 2nd time in a month

By: |
Updated: January 20, 2020 10:57:33 PM

The price of iron ore fines, which are inferior grade ore, has been increased by Rs 350 to Rs 2,910 per tonne.

NMDC, Iron ore miner, BSE, prices of steel, copper, limestone, dolomite, bentoniteOn January 2, the company had fixed the price of lump ore at Rs 2,800 per tonne, up from 2,600 per tonne in November 2019.

Iron ore miner NMDC on Monday announced hike of up to Rs 400 per tonne in the prices of lump ore and fines, marking the second increase in rates within a month. NMDC has increased the price of high grade iron ore (lumps) by Rs 400 to Rs 3,200 per tonne, the miner informed the BSE.

The price of iron ore fines, which are inferior grade ore, has been increased by Rs 350 to Rs 2,910 per tonne. On January 2, the company had fixed the price of lump ore at Rs 2,800 per tonne, up from 2,600 per tonne in November 2019.

The price of fines were also fixed at Rs 2,560 a tonne, higher from Rs 2,360 per tonne fixed by NMDC in November 2019. Iron ore is the main ingredient used in making steel.

The hike in prices will have a direct impact on the prices of steel, an expert said. NMDC produces about 35 million tonne of iron ore from three fully-mechanised mines. The company is involved in exploration of a wide range of minerals including iron ore, copper, rock phosphate, limestone, dolomite, gypsum, bentonite, magnesite, diamond, tin, tungsten, graphite, beach sands, among others.

Get live Stock Prices from BSE and NSE and latest NAV, portfolio of Mutual Funds, calculate your tax by Income Tax Calculator, know market’s Top Gainers, Top Losers & Best Equity Funds. Like us on Facebook and follow us on Twitter.

Next Stories
1Housing.com enters co-living listing biz; partners OYO, Zolo
2Modi’s Startup India report card: Recognised startups more than triple; these many got funded in 4 years
3Paytm expects 25 million merchant bases by next year, says official