Mining major NMDC has increased the price of iron ore lump by ₹100 a tonne and that of fines by ₹200 for a similar quantity with effect from March 21.
Consequently, the price per tonne is ₹4,500 for lump ore and ₹4,110 for fines, NMDC, which is India’s largest iron ore producer, informed the stock exchanges on Tuesday.
Iron ore is a key raw material for steel and any increase in its price is an indicator of the demand for end product. This is the third price revision undertaken by the NMDC since January. Compared with January 1, the latest per tonne price is ₹200 more for lump, while the price of fines has increased by ₹700 per tonne.
On January 1, NMDC had set the price of lump ore at ₹4,300 and ₹3,410 for fines and followed it up with another revision that took the prices, effective January 28, to ₹4,400 and ₹3,910 respectively.
