NMDC raises iron ore prices amidst dip in global rates
Updated: Jun 05, 2014 01:52:03pm
New Delhi, Jun 5 (KNN) The state-owned National Mineral Development Corporation (NMDC) has raised prices of iron ore up to nine per cent from this month- a development which will have a chain effect on raw material prices across the manufacturing value chain. Ironically, NMDC has raised prices when iron ore prices have dipped globally.
The price has been hiked at a time when there is subdued domestic supply of iron ore after the Supreme Court ordered the closure of 26 of Odisha's 56 mines a few weeks ago due to the non-renewal of years-old leases.
The closed mines accounted for about half of the state's output of more than 70 million tonnes last fiscal year.
After the hike, iron ore fines price will go up to Rs 3,160 a tonne from Rs 2,910 earlier and lump prices to Rs 4,600 per tonne from Rs 4,300 a tonne a month ago.
NMDC, the country's largest producer of iron ore, keeps revisiting prices on a monthly basis.
It had lowered the price of lump by Rs 200 in May. No changes in fines prices were made last month.
In March and April, NMDC had kept lump prices unchanged, while it had raised the rates of iron ore fines by Rs 100 per tonne in February. Due to sluggish market conditions, NMDC had hiked rates only thrice since November, 2012 and that too only marginally. (KNN/SD)
The price has been hiked at a time when there is subdued domestic supply of iron ore after the Supreme Court ordered the closure of 26 of Odisha's 56 mines a few weeks ago due to the non-renewal of years-old leases.
The closed mines accounted for about half of the state's output of more than 70 million tonnes last fiscal year.
After the hike, iron ore fines price will go up to Rs 3,160 a tonne from Rs 2,910 earlier and lump prices to Rs 4,600 per tonne from Rs 4,300 a tonne a month ago.
NMDC, the country's largest producer of iron ore, keeps revisiting prices on a monthly basis.
It had lowered the price of lump by Rs 200 in May. No changes in fines prices were made last month.
In March and April, NMDC had kept lump prices unchanged, while it had raised the rates of iron ore fines by Rs 100 per tonne in February. Due to sluggish market conditions, NMDC had hiked rates only thrice since November, 2012 and that too only marginally. (KNN/SD)
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