News and Events

Business Line reported that despite global iron ore prices remaining stable in the last few weeks, NMDC may hike prices of its ore for the July to September quarter. Sources said that the iron ore miner is likely to increase its prices by 8 to10% for lumps and fines. It is likely to take a call on the July to September price list in the next few days. NMDC has more room now to insulate its prices from global trends, as its new pricing mechanism is based on domestic demand supply dynamics instead of the earlier export parity formula. It had injected a similar hike for the last quarter, with the increase ranging from INR 250 to INR 400 a tonne. Higher grade iron ore lumps are currently priced at about INR 5,400 a tonne, while fines have a price tag of about INR 2,800.