National Mineral Development Corporation (NMDC), the country’s largest iron ore producer and exporter, has hiked prices of iron ore by Rs 200 per tonne amid rising demand for key steel-producing raw material.
With effect from January 2, the lump ore prices have been raised to Rs 5,600 per tonne from Rs 5,400, while the price of fines have been increased to Rs 4,910 per tonne from Rs 4,660, the company said in an exchange filing.
In November, Chairman and Managing Director (additional charge) Amitava Mukherjee has flagged "tremendous" demand for both lumps and fines in a post-earnings call with analysts.
India's iron ore consumption is slated to increase to 255-260 million tonnes (mt) by 2024-25 (FY25), as per a SteelMint forecast.
The prices were last revised in November. The 65-year-old company, under the administrative control of the steel ministry, has been involved in the exploration of a wide range of minerals, including copper, rock phosphate, limestone, magnesite, diamond, tungsten and beach sands. Its customers include Jindal Steel, JSW Steel, Arcelor Mittal and Nippon Steel.
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