NMDC Boosts Iron Ore Prices by Rs 200/Tonne Amid Soaring Demand

2 Jan 2024 , 01:22 PM

NMDC, India’s largest iron ore producer, has raised iron ore prices by Rs 200 per tonne in response to increased demand for this crucial raw material in steel production.

Effective January 2, lump ore prices have been increased to Rs 5,600 per tonne from Rs 5,400, while fines are now priced at Rs 4,910 per tonne, up from Rs 4,660, as indicated in an official exchange filing.

Projections from SteelMint estimate India’s iron ore consumption to reach 255-260 million tonnes by the fiscal year 2024-25.

The latest price revision follows the November adjustment. NMDC, under the administrative control of the steel ministry, has a 65-year history and is engaged in exploring various minerals, including copper, rock phosphate, limestone, magnesite, diamond, tungsten, and beach sands.

The company serves notable customers such as Jindal Steel, JSW Steel, Arcelor Mittal, and Nippon Steel.

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