NMDC raises lumps, fines prices, second hike in 2 months

NMDC

State-run National Mineral Development Corporation Ltd (NMDC) has increased prices for its lumps and fines effective May 28, CNBC-TV18 has reported.

NMDC hiked prices of lump ore by Rs 250 a tonne and fines by  Rs 350, the report said. This is the second price hike in two months. NMDC earlier hiked lump ore price by Rs 400 and fines by Rs 200 in April.

NMDC is India’s largest iron ore producer and focussed on the domestic market.

NMDC on May 27 reported a consolidated net profit of Rs 1,412.67 crore for the March quarter of FY24, a decline of 37.8 percent from Rs 2,271.53 crore in the year-ago period.

NMDC's consolidated revenue rose 10.9 percent YoY to Rs 6,489.31 crore. Sequentially, the revenue surged 20 percent.

Iron ore sales rose 10.9 percent YoY to Rs 6427.24 crore, the company said in an investor presentation.

The results come amid robust demand for iron ore, a key steel making ingredient, as government continues its infra spending spree.

At 11am, the shares of NMDC were almost a percent at Rs 260.50.