NMDC hikes iron ore prices by Rs 125

09 January 2017

India’s largest iron ore miner NMDC has raised the prices of higher grade iron (lumps) by Rs 125 per tonne to Rs 2,225 per tonne for the current month.

The state-run firm also raised prices for iron ore fines, which are inferior grade ore, by Rs 125 to Rs 1,985 per tonne for the month of January. “The prices of iron ore w.e.f January 3, 2017 has been fixed at Lump ore @ Rs 2,225/ WMT (wet metric tonne) and fines @ Rs 1,985/- WMT,” the company said.

The company said the revised prices exclude royalty, taxes, DMF, duties, levies etc. Last month, the company had said “the prices of iron Ore w.e.f 29-11-2016 has been fixed as Lump Ore @ Rs 2,100- WMT, fines @ Rs 1,860/- WMT”. According to a company official the rise in the prices of lump ore and fines has been due to various factors including hike in international prices of iron ore.

Iron ore is the main ingredient used in making steel. NMDC is country’s single largest iron ore producer, presently producing about 30 million tonnes of iron ore from three fully mechanised mines.

Since inception, the company is involved in the exploration of wide range of minerals including iron ore, copper, rock phosphate, lime stone, dolomite, gypsum, bentonite, magnesite, diamond, tin, tungsten, graphite, beach sands etc.

Source – Moneycontrol