New Delhi: State-owned NMDC on Tuesday said that it has hiked the price of iron ore lumps by Rs 100 to Rs 4,500 per tonne with immediate effect. The country's largest iron ore miner has also increased the rate of iron ore fines by Rs 200 to Rs 4,110 per tonne, NMDC said in a regulatory filing.
"The prices are effective from Tuesday and exclude royalty, District Mineral Fund (DMF), National Mineral Exploration Trust (NMET), cess, forest permit fee, and other taxes," the company said. Lump ore or high-grade iron ore contains 65.53 percent Fe (iron) while fines are inferior grade ore with 64 percent and less iron content.
In the last price revision announced on February 2, NMDC fixed the rate of the lump at Rs 4,400 per tonne and that of fines at Rs 3,910 a tonne with immediate effect.
Iron ore is one of the key raw materials used in the manufacturing of steel, and any movement in its prices has a direct impact on rates of steel, an alloy widely used in segments such as construction, infrastructure, automobile, and railways.
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