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NMDC ups prices of iron ore lumps, fines by INR 400/tn from Tue, source says
This story was originally published at 09:43 IST on 1 October 2024
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--Source: NMDC ups prices of iron ore lumps, fines by INR 400/tn from Tue
By Narayana Krishna
HYDERABAD – Public sector iron ore major NMDC Ltd has increased prices of iron ore lumps and fines by INR 400 per tonne effective Tuesday, a source told Informist. The internal panel on pricing met late Monday and decided to take a price hike in line with the global price momentum, the source said.
Post the price hike, NMDC will sell its iron ore lumps at INR 5,750 per tonne and fines at INR 5,010 per tonne for supplies in October, the source added.
On Aug. 7, NMDC had announced a price cut of INR 500-600 per tonne, fixing the iron ore lumps price at INR 5,350 and fines at INR 4,610. For September, the company rolled over the prices as iron ore was under pressure globally. NMDC revises its iron ore product prices based on global price trends and domestic demand on a monthly basis.
According to the source cited above, there were signs of price recovery in global markets, which guided the company towards its decision for a price hike, even though domestic demand for the commodity is still not rising significantly. According to reports, the average price of iron ore across global markets on Monday was up nearly 9% to $110 per tonne due to optimism over China's economic recovery. China is a major consumer of the metal.
On Monday, shares of NMDC ended at INR 244.91 on the National Stock Exchange, up 4.1% from its previous close. End
US$1 = 83.79 rupees
IST, or Indian Standard Time, is five-and-a-half hours ahead of GMT
Edited by Tanima Banerjee
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