NMDC reduces lump ore price to ₹5,350/tonne

7 Aug 2024 , 03:14 PM

NMDC announced that the company has reduced the price of iron ore lump by ₹600, to ₹5,350 a tonne from ₹5,950. Similarly, the price of iron ore fines has been decreased by ₹500 and is now set at ₹4,610 per tonne, down from ₹5,110 per tonne, according to sources

This price decrease comes after a prior adjustment in early July, when NMDC reduced lump ore rates from ₹6,450 per tonne in June to ₹5,950 per tonne. At the same time, the penalty were reduced from ₹5,610 to ₹5,110 per tonne.

The company recorded an 11% year-on-year decrease in iron ore production in July, with output decreasing to 2.17 million tonnes from 2.44 million tonnes in the same month the previous fiscal year. NMDC’s cumulative iron ore production fell to 11.36 million tonnes in April-July, down from 13.15 million tonnes the previous year. Despite the reduction in production, sales for the period increased slightly to 13.15 million tonnes from 13.13 million tonnes the previous year.

NMDC, situated in Hyderabad, is a major supplier, accounting for roughly 20% of the country’s demand for iron ore, a critical raw ingredient for steel manufacture.

At around 12.38 PM, NMDC was trading 1.64% higher at ₹226.40, against the previous close of ₹222.74 on NSE. The counter touched an intraday high and low of ₹228.42, and 224.13, respectively.

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