Representational photo
| Photo Credit: Special arrangement
India’s largest iron ore producer NMDC has slashed the price of lump ore and fines by ₹300 each per tonne.
Effective November 17, the price has been fixed at ₹3,800 per tonne of lump ore and ₹2,610 for the same quantity of fines, the company said on Thursday. The earlier prices of ₹4,100 for lump ore and ₹2,910 for fines, were in force unchanged since August 11.
The latest revision, with which the price is at the lowest thus far this fiscal, came amid NMDC reporting 62% decline in consolidated net profit for the quarter ended September to ₹885.65 crore. Total income at ₹3,754.77 crore was 45% lower compared with the year-earlier period. The company reported average sales realisation of ₹3,890 (₹7,443) during the quarter.
The price of iron ore is a reflection of the steel demand. On April 1, the price of lump ore was ₹6,100, while that of fines was ₹5,160, both per tonne.
Iron ore production till October this fiscal for NMDC has been 19.71 million tonne as against 21.04 MT in the same period last fiscal. Sales were also lower at 19.44 MT (22.08 MT).
