Hyderabad: State-owned mining major NMDC has increased the prices of Iron ore fines by 11% or Rs 300 per tonne. With this, the price of ore would be Rs 2,900 per
tonne compared with Rs 2,600 per tonne
“This will have a significant impact on our bottomline,” S Thiagarajan, NMDC’s director-finance, told DNA.
Of about 22 million tonnes of the Iron ore the company dispatches, about 60% is in the form of fines.
“There is not going to be any impact on the steel prices with this hike since the steel makers are aware of the price hike and they had factored in the possible hike into their costs,” he said.
The prices of the company will now be reviewed every quarter.
The company recently hiked the prices for its overseas customers primarily in Japan and South Korea. NMDC, which sold about 15% of its output overseas last year, will export fines with 63% iron content at about $122 a tonne.
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