NMDC Increases Iron Ore Prices Amid Global Market Surge

NMDC, India’s leading iron ore miner, raised lump ore and fines prices by Rs 400 per tonne, effective October 1. The hike follows a 15-20% global iron ore price increase after China announced economic stimulus measures. This move is expected to impact steel prices in various sectors.

NMDC, the country's largest iron ore miner, has raised the rates of lump ore and fines by Rs 400 per tonne, taking immediate effect from October 1.

The new price for lump ore, which contains 65.5% iron content, is now Rs 5,750 per tonne, up from Rs 5,350 set in August. Fines, or low-grade ore with 64% and below iron content, have been hiked to Rs 5,010 per tonne from Rs 4,610.

The price adjustment includes royalties and contributions to the district mineral fund and the National Mineral Exploration Trust, but excludes cess and other taxes. The increase is attributed to a 15-20% rise in global iron ore prices following China's recent economic stimulus announcement. NMDC, based in Hyderabad, caters to up to 20% of India's demand for raw material in steelmaking.

(With inputs from agencies.)