NMDC leaves iron ore rates unchanged

Country's largest iron ore miner NMDC has left the price of lump ore unchanged at Rs 5,100 per tonne and Rs 4,210 per tonne for fines in its latest price revision announced on Saturday.

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 filing to the BSE, NMDC said it fixed the price of lumps or high-grade iron ore at Rs 5,100 per tonne, and that of iron ore fines or inferior grade ore at Rs 4,210 a tonne.

The revised prices are effective from March 6, 2021, and exclude royalty, District Mineral Fund (DMF), National Mineral Exploration Trust (DMET), cess, forest permit fee, and other taxes, the company said.

Last month, NMDC reduced the price of lumps to Rs 5,100 per tonne from Rs 5,700 per tonne fixed on January 6, 2021, while the rate of fines was also revised downwards to Rs 4,210 a tonne from Rs 4,810 per tonne.

NMDC, under the Ministry of Steel, is the country's largest iron ore miner.

The company, which has been in the business of mining iron ore for over six decades, produces about 35 MT iron ore from its three iron ore complexes in the country — one in Donimalai in Karnataka and two in the Dantewada district of Chhattisgarh.

NMDC has set an ambitious target of producing 100 MT iron ore by 2030.

(This story has not been edited by Devdiscourse staff and is auto-generated from a syndicated feed.)