Categories: Business

NMDC hikes iron ore by Rs 300 per tonne, steel prices will also be affected

Photo: BLOOMBERGQUINT

NMDC hikes iron ore rates by Rs 300 a tonne

new Delhi. The country's largest iron ore mining company NMDC on Wednesday announced an increase in mineral rates by Rs 300 per tonne with immediate effect. With this, the price of iron ore has now increased to Rs 2,950 per tonne. Iron ore is the main raw material used in steel making. Any change in its prices directly impacts steel rates.

NMDC told the stock market that it has increased the price of high grade iron ore by Rs 300 to Rs 2,950 per tonne. Similarly, the price of secondary grade ore has increased by Rs 300 to Rs 2,660 per tonne.

The company said in its statement that the revised prices of iron ore do not include royalties, district mineral funds, National Mineral Exploration Trust, cess, forest permit fees and other taxes.

The company has said that the new prices have come into effect from August 12, 2020. The last time the company revised the iron ore prices was on 3 August 2019 and was considered effective from 31 July. Then the company fixed the price of ore at Rs 2650 and Rs 2360 per ton respectively.

NMDC, formerly known as National Mineral Development Corporation, also mines a variety of ores such as copper, rock phosphate, lime stone, dolomite and gypsum.

This post was published on August 12, 2020 4:00 pm

Content Team

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