NMDC fixes ore prices at Rs 4,950 per tonne

New Delhi: A public sector enterprises under the aegis of the ministry of mines, NMDC on Tuesday fixed the rates for lump ore and fines at Rs 4,950 and Rs 4,210 per tonne, respectively. Lump ore, or high-grade iron ore, contains 65.53 per cent iron, while fines are inferior grade ore with 64 per cent iron or less.

The latest prices are inclusive of royalty as well as contributions to District Mineral Foundation (DMF) and National Mineral Exploration Trust (NMET).

Cess, forest permit fee, and other taxes will be levied additionally, the PSU miner said in a regulatory filing.

On May 30, NMDC fixed the rate of lump ore and fines at Rs 3,900 and Rs 3,560 per tonne, respectively. At that time, the rates excluded royalty, contributions to DMF and NMET, cess, forest permit fee and other taxes.

"Inclusion of royalty, DMF, and NMET brings the prices on a par with the rates of miners in Odisha. Customers will now find it easier to calculate the prices of iron ore," a SteelMint analyst said.

Iron ore is one of the key raw materials used in manufacturing steel, and any movement in its prices has a direct impact on steel rates.

NMDC contributes 17-20 percent to the country's total iron ore production.

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