NMDC Hikes Iron Ore Prices By ₹200 Tonne

State-owned NMDC on Wednesday said it has increased prices of both iron ore lump and its fines by ₹200 per tonne, with immediate effect.

It has fixed the price of baila lump ore at ₹5,500 per tonne and fines at ₹4,700 a tonne, the country's largest iron ore miner said in a regulatory filing.

Lump ores or high-grade iron ores contain 65.5% iron content, while fines are inferior-grade ores with 64% or less iron content.

In the last price revision announced on April 5, NMDC had fixed the rate of the baila lump at ₹5,300 per tonne and that of fines at ₹4,500 per tonne.

The new prices effective from May 6 are exclusive of royalty, district mineral fund (DMF), National Mineral Exploration Trust (DMET) and exclude cess, forest permit fee, transit fee, GST, environmental cess and other taxes.

Iron ore is among the raw materials used in the manufacturing of steel, and any movement in its prices has a direct impact on rates of steel, an alloy widely used in segments like construction, infrastructure, automobile and railways.

Hyderabad-based NMDC (formerly known as National Mineral Development Corporation) under Ministry of Steel contributes around 20% to India's total iron ore production.