State-owned National Mineral Development Corporation (NMDC) has raised iron ore prices by Rs200-500/mt ($3-7/mt) on Wednesday in lump and fines on the back of high international prices, with the benchmark of 62pc close to $170/mt cfr China along with continuous shortage of iron ore in the domestic market.
NMDC’s iron ore lumps are now priced at Rs5,700/mt ($77.99/mt) and fines at Rs4,810/mt ($65.81/mt), effective January 6, according to a company release.
The company has been continuously raising iron ore price since June-end, with a 123-133pc rise in lumps and fines including two price hikes in December 2020.
NMDC iron ore output and sales increased by 23.32pc and 19.08pc in December 2020, respectively.
($1=Rs73.08)