Govt Enforces ‘Melt and Pour’ Rule for All Steel in Public Projects Nippon Steel expected to finalize U.S. Steel acquisition at $55 per share NMDC Limited reports a 38% drop in Q4 FY24 consolidated net profit RINL to Raise $23 Million Through Land Sales Amid Crisis
The National Mineral Development Corporation Ltd (NMDC), a state-run company, has raised its lumps and fines rates beginning May 28. According to the report, NMDC increased fines by ₹350 and lump ore pricing by ₹250 per tonne. This is the second price increase in the past two months. In April, NMDC increased fines by ₹200 and lump ore prices by ₹400.
The largest producer of iron ore in India, NMDC is primarily focused on the local market. On May 27, NMDC recorded a consolidated net profit of ₹1,412.67 crore for the March quarter of FY24, a 37.8% decrease from ₹2,271.53 crore in the same period last year.
NMDC's consolidated revenue increased by 10.9% to ₹6,489.31 crore year on year, and over time, it increased by 20%.
Iron ore sales rose 10.9% YoY to ₹6427.24 crore, the company said in an investor presentation.
The results come amid robust demand for iron ore, a key steel-making ingredient, as the government continues its infra-spending spree.
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