NMDC slashes iron ore prices by ₹300 a tonne
The Hindu
NMDC, a state-owned company, has reduced iron ore prices by ₹300/tonne. Lump ore price is now ₹4,650/tonne and fines at ₹3,910/tonne. Prices are inclusive of royalty, DMF, NMET and exclusive of taxes. Previous revision had increased prices by ₹1,050/tonne for lump ore and ₹650/tonne for fines. Iron ore is a key raw material for steel and NMDC shares closed 1.14% lower.
State-owned NMDC has reduced iron ore prices by ₹300 per tonne.
With effect from August 15, lump ore price has been fixed at ₹4,650, while that of fines at ₹3,910, the company said in a stock exchange filing on Wednesday.
These are per tonne FOR (freight on rail/road) prices inclusive of royalty, DMF, NMET and exclusive of cess, forest permit fee, transit fee, GST, environmental cess and other taxes. In the previous revision, effective July 18, the mining major had increased the prices by ₹1,050 per tonne for lump ore to ₹4,950 and by ₹650 for the same quantity of fines to ₹4,210. It was the first increase in current fiscal by the India’s largest iron ore producer.
Iron ore is a key raw material for steel and change in its price is indicative of the demand for the final product. NMDC shares closed 1.14% lower at ₹117.20 each on the BSE.
Flight AI177 will depart Bengaluru at 1.05 p.m. and arrive at London Gatwick at 7.05 p.m. (local time). From London Gatwick, flight AI178 will depart at 8.35 p.m. (local time) and arrive in Bengaluru at 10.50 a.m. (next day arrival). From Bengaluru, the flight will operate on Mondays, Wednesdays, Thursdays, Fridays and Sundays.