Informist, Tuesday, Nov 29, 2022
–Source: NMDC plans to raise iron ore price on revival of demand
–NMDC pricing panel to decide on iron ore price hike today
By Narayana Krishna
HYDERABAD – Public sector iron ore mining company NMDC Ltd is likely to raise prices of iron ore products by 200-300 rupees per tn as the company is seeing a revival in demand for the commodity, a source told Informist.
NMDC’s internal panel for iron ore prices is scheduled to meet later today, the source said. The company reviews product prices every month, based on domestic demand and global price trends.
The government’s recent decision to scrap export duty on iron ore has prompted private mining companies to look at exports now, the source said. This could lead to a shortage of cheaper iron ore in the market and drive prices higher, the source added.
On Nov 17, NMDC had cut prices of its iron ore products by 300 rupees per tn, fixing the price of iron ore lumps at 3,800 rupees per tn and fines at 2,610 rupees for November. The company had recorded a drop in sales in October.
NMDC has long-term supply agreements with companies such as Rashtriya Ispat Nigam Ltd, KIOCL Ltd, Arcelor Mittal Nippon Steel (India) Ltd, JSW Steel Ltd, Steel Exchange India Ltd, and Welspun Steel Ltd.
At 1359 IST, shares of NMDC were at 117.40 rupees on the National Stock Exchange, up 0.3% from the previous close. End
US$1 = 81.63 rupees
IST, or Indian Standard Time, is five-and-a-half hours ahead of GMT
Edited by Avishek Dutta
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