NMDC Ltd. has increased iron ore prices by Rs 1,100 per tonne of lump and by Rs 500 for the same quantity of fines. This is the second increase this month by the country’s largest iron ore producer.
Following the latest change, effective April 14, a tonne of lump ore costs Rs 6,950 a tonne, while a similar quantity of fines will sell for Rs 5,060 per tonne. On April 3, NMDC had increased the price by Rs 500 and Rs 250 a tonne respectively taking lump ore to Rs 5,850 per tonne and fines to Rs 4,560 a tonne.
NMDC had opted for a similar quantum of increase, with effect from March 21, resulting in lump ore price moving to Rs 5,350 a tonne and that of fines to Rs 4,310 per tonne.
For most of March, the company, however, had maintained the February 7 price of Rs 5,100 a tonne and Rs 4,210 per tonne for the two varieties respectively amid concerns of high steel prices. The February 7 change was Rs 600 lower compared to Rs 5,700 a tonne for the lump and Rs 4,810 a tonne for the fines that prevailed since January 6.
On a consolidated basis, the company reported 53.3 per cent jump net profit to Rs 2,108.05 crore on a 44.9 per cent rise in net sales to Rs 4,355.10 crore in Q3 FY21 over Q3 FY20.
NMDC is India’s single largest iron ore producer, presently producing about 35 million tonnes of iron ore from 3 fully mechanized mines, two located in Chhattisgarh and one in Karnataka. The Government of India holds 68.29 per cent stake in the company.