Price hikes for lumps and fines by India's largest iron ore producer National Mineral Development Corporation Ltd (NMDC) will take effect from November 23, CNBC-TV18 reported, citing sources with knowledge of the matter.
The price hikes will be effective in both Chhattisgarh and Karnataka, the report said, adding that both lumps and fines in Chhattisgarh will be hiked by Rs 200 per tonne, while those in Karnataka will go up by Rs 300 a tonne.
NMDC did not respond to a request for comment from Moneycontrol.
In an exchange filing later in the day, the company said lump ore price will be Rs 5,400 per tonne and fines Rs 4,660 per tonne, with effect from November 23.
Chairman and managing director (additional charge) Amitava Mukherjee had last week spoke of "tremendous" demand for both lumps and fines in a post-earnings call with analysts. "We'll be having a look at the pricing pretty soon," he said.
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.
Last week, the company flagged it plans to shift its focus to different classes of customers and tweak its offerings based on their needs.
Discover the latest Business News, Sensex, and Nifty updates. Obtain Personal Finance insights, tax queries, and expert opinions on Moneycontrol or download the Moneycontrol App to stay updated!
