Effective August 11, the new prices are ₹4,100 for lump ore and ₹2,910 for fine
Effective August 11, the new prices are ₹4,100 for lump ore and ₹2,910 for fine
Mining major NMDC has hiked iron ore prices by Rs 200 per tonne in lump sum and Rs 100 for the same amount.
Effective August 11, the new prices are ₹4,100 for lump sum ore and ₹2,910 for fines, the state-owned company said on Thursday. This is the first upward revision by NMDC in this financial year.
On April 1, prices were falling from ₹6,100 for lump sum ore and ₹5,160 for fine. They were set at ₹3,900 and ₹2,810 respectively during the last revision on 12 July.
However, a reflection of steel demand, prices strengthened in Q1 of CY22. April prices for lumps and fines were ₹1,200 and ₹1,100 higher, respectively, compared to ₹4,900 and ₹4,060 fixed on December 28.
CMD Sumit Deb had recently said at the AGM, “The demand for iron ore continues to match the demand for steel.”
“Russia-Ukraine conflict and the continuing impact of COVID-19 in China have dampened steel demand in 2022. As a result, iron ore demand has declined and remained volatile with prices falling in June and July 2022 Thus, the outlook for the iron ore market is not encouraging in the short term,” Mr. Deb said.
“However, the long-term demand for iron is expected to remain positive,” he added.