Business Today
Loading...
NMDC raises iron ore rates by Rs 300 to Rs 2,950 per tonne with immediate effect

The last revision, effective July 31, was announced on August 3, when NMDC had fixed the price of iron lumps at Rs 2,650 per tonne and of fines at Rs 2,360 a tonne

NMDC raises iron ore rates by Rs 300 to Rs 2,950 per tonne with im NMDC raises iron ore rates by Rs 300 to Rs 2,950 per tonne with immediate effectmediate effect

NMDC is India's largest iron ore miner

The country's largest iron ore miner NMDC on Wednesday hiked rates of the mineral by Rs 300 to Rs 2,950 a tonne with immediate effect.

Iron ore is the key raw material used in steel making. Any change in its prices has a direct impact on the rates of steel.

In a filing to BSE, NMDC said it has increased the price of lumps or high-grade iron ore by Rs 300 to Rs 2,950 per tonne, and that of iron ore fines or inferior grade ore by Rs 300 to Rs 2,660 a tonne.

The revised prices exclude royalty, District Mineral Fund (DMF), National Mineral Exploration Trust (DMET), cess, forest permit fee, and other taxes, the company said.

It added that the new rates are effective from August 12, 2020.

The last revision, effective July 31, was announced on August 3, when NMDC had fixed the price of lumps at Rs 2,650 per tonne and of fines at Rs 2,360 a tonne.

NMDC, previously known as National Mineral Development Corporation, is also involved in the exploration of a wide range of minerals like copper, rock phosphate, lime stone, dolomite and gypsum.

Also Read: 8 marquee funds among top 10 investors in HDFC's Rs 10,000 cr equity offering

Also Read: Coronavirus update: India records 60,963 new cases, 834 deaths; tally surges to 23,29,639

Get latest news & live updates on the go on your phone with our News App. Download The Business Today news app on your device
More from BIZ WRAP