NMDC cuts iron ore prices by ₹500 per tonne

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NMDC cuts iron ore prices by ₹500 per tonne

Ferrous 02 Jul 2024 11:55 AM IST The Hindu BusinessLine

NMDC has reduced iron pricing by ₹500 per tonne for lump ore and fines, effective June 30. Following modification, India's largest iron ore company stated in a filing that lump ore costs ₹5,950 per tonne and fines ₹5,110.

This is the first time NMDC has lowered the price of the key steel raw material in this fiscal year. The price drop comes after two months of increases. The latest revision, which went into effect on May 28, saw NMDC set the price per tonne at ₹5,610 for fines and ₹6,450 for lump ore. It set the lump ore price at ₹6,200 on April 27 and the fines price at ₹5,260, which translates to increases of ₹400 and ₹200, respectively.

These are FOR prices, which exclude cess, forest permit fees, transit fees, GST, environment cess, and other taxes but include royalties, DMF, and NMET. On the BSE, NMDC shares ended the day 2.23% higher at ₹251.65 a share.

According to NMDC, the decrease in iron ore prices coincided with the June year-over-year dip in iron ore sales and output. Production for the month was 3.37 million tonnes (MT), compared to 3.48 MT during the same time in the previous fiscal year. Sales in June came to 3.73 MT (4.10 MT). Production for the first quarter of the current fiscal year was 9.19 MT (10.70 MT), while sales were 10.07 MT (11.15 MT).

Also Read : US Steel raised steel shipments by 3.8% y/y in 2023 Global crude steel output declined by 5% over the year

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NMDC cuts iron ore prices by ₹500 per tonne

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