NMDC Boosts Iron Ore Prices, Sales Surge, and Revenue Soars

24 Nov 2023 , 11:47 AM

NMDC, a government-owned mining company, consistently raised iron ore prices, anticipating a positive impact on its stock value. The increase in iron ore prices is driven by strong demand for steel, leading to increased demand and higher production.

On November 23, NMDC announced a price revision, setting lump ore prices at Rs 5,400 per tonne, up from Rs 5,200 per tonne in October. Similarly, fines prices were raised to Rs 4,660 per tonne from the previous Rs 4,460 per tonne in October.

The company had also adjusted prices in October and September. NMDC reported a significant increase in sales volume for October, reaching 3.44 million tonnes, compared to 3.04 million tonnes in October 2022.

Cumulative sales volume from April to October rose by 23.4 % to 23.99 million tonnes, compared to 19.44 million tonnes in the same period last year. The combination of higher iron ore prices and increased sales volumes is expected to result in higher revenue for NMDC.

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