State-owned NMDC on Monday said it has reduced the prices of lump ore and fines by Rs 200 per tonne each.
Iron ore is the key raw material for steel making. Any change in its prices has a direct impact on the rates of steel.
After the price revision, a tonne of lump ore or high grade iron will cost Rs 7,450 a tonne while the buyers will get iron ore fines or inferior grade ore for Rs 6,360 per tonne, NMDC said in a BSE filing.
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 July 10, 2021. On June 6, 2021, NMDC had fixed the rates for lump ore at Rs 7,650 a tonne and for fines at Rs 6,560 a tonne.
NMDC, under the Ministry of Steel, is India's single largest iron ore producer, presently producing about 35 MT iron ore annually from its three fully mechanized mines located in Chhattisgarh and Karnataka.
Besides, the company is also involved in the exploration of other minerals like copper, rock phosphate, lime stone, dolomite and gypsum.
(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)
Dear Reader,
Business Standard has always strived hard to provide up-to-date information and commentary on developments that are of interest to you and have wider political and economic implications for the country and the world. Your encouragement and constant feedback on how to improve our offering have only made our resolve and commitment to these ideals stronger. Even during these difficult times arising out of Covid-19, we continue to remain committed to keeping you informed and updated with credible news, authoritative views and incisive commentary on topical issues of relevance.
We, however, have a request.
As we battle the economic impact of the pandemic, we need your support even more, so that we can continue to offer you more quality content. Our subscription model has seen an encouraging response from many of you, who have subscribed to our online content. More subscription to our online content can only help us achieve the goals of offering you even better and more relevant content. We believe in free, fair and credible journalism. Your support through more subscriptions can help us practise the journalism to which we are committed.
Support quality journalism and subscribe to Business Standard.
Digital Editor
RECOMMENDED FOR YOU