NMDC slashes iron ore lumps prices by Rs 200/t for May
Updated: May 05, 2014 05:02:24pm
New Delhi, May 5 (KNN) Reflecting slowdown in industrial demand, state-owned National Mineral Development Corporation (NMDC) has cut prices of iron ore lumps, considered high grade due to rich iron content, by Rs 200 per tonne in May. The company has brought about changes after two months.
However, it has kept prices of iron ore fines, considered low grade, unchanged for May. The company keeps revisiting prices on a monthly basis. After the changes, "the prices of lump ore for May is Rs 4,300 per tonne; prices of fines for May is Rs 2,910 per tonne", NMDC said in a statement to BSE.
The company had raised the rates of iron ore fines by Rs 100 per tonne in February. Due to subdued market, NMDC could raise rates only thrice since November, 2012.
Prices of lump ore have grown by Rs 300 per tonne since then, while the rates of fines (or the low grade ore) have gone up by Rs 400 per tonne. For rest of the months, NMDC had either reduced prices or kept them unchanged. The weak market conditions were reflecting in the prices of steel (the final product of iron ore) also as most of the manufacturers have kept them unchanged for the current month.
The NMDC production of iron ore was at 2.44 million tonnes (MT) in April, same as it was in the corresponding month of 2013. Production at company's mines in Chhattisgarh and Karnataka were at 1.71 MT and 0.73 MT respectively, almost same as last year.
The company has a total production capacity of 32 MT per annum at its mines in Chhattisgarh and Karnataka. However, despatches of iron ore increased by over 22 per cent in last month to 2.97 MT, it added. (KNN Bureau)
However, it has kept prices of iron ore fines, considered low grade, unchanged for May. The company keeps revisiting prices on a monthly basis. After the changes, "the prices of lump ore for May is Rs 4,300 per tonne; prices of fines for May is Rs 2,910 per tonne", NMDC said in a statement to BSE.
The company had raised the rates of iron ore fines by Rs 100 per tonne in February. Due to subdued market, NMDC could raise rates only thrice since November, 2012.
Prices of lump ore have grown by Rs 300 per tonne since then, while the rates of fines (or the low grade ore) have gone up by Rs 400 per tonne. For rest of the months, NMDC had either reduced prices or kept them unchanged. The weak market conditions were reflecting in the prices of steel (the final product of iron ore) also as most of the manufacturers have kept them unchanged for the current month.
The NMDC production of iron ore was at 2.44 million tonnes (MT) in April, same as it was in the corresponding month of 2013. Production at company's mines in Chhattisgarh and Karnataka were at 1.71 MT and 0.73 MT respectively, almost same as last year.
The company has a total production capacity of 32 MT per annum at its mines in Chhattisgarh and Karnataka. However, despatches of iron ore increased by over 22 per cent in last month to 2.97 MT, it added. (KNN Bureau)
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