The country's largest iron ore miner NMDC on Thursday increased rates of the mineral by Rs 200 to Rs 3,450 a tonne with immediate effect. Iron ore is the key raw material used in steel making. Any change in its prices has a direct impact on the rates of steel.
In a BSE filing, NMDC said it has increased the price of lumps or high-grade iron ore by Rs 200 to Rs 3,450 per tonne, and that of iron ore fines or inferior grade ore also by Rs 200 to Rs 3,160 a tonne. The revised prices exclude royalty, District Mineral Fund (DMF), National Mineral Exploration Trust (DMET), cess, forest permit fee, and other taxes, the company said.
It added that the new rates are effective from October 8, 2020. In the last price revision made on September 5, NMDC had fixed the price of lumps at Rs 3,250 per tonne and of fines at Rs 2,960 a tonne.
NMDC is under the administrative control of the Ministry of Steel. Besides iron ore, it is also involved in the exploration of a wide range of minerals like copper, rock phosphate, lime stone, dolomite and gypsum.
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