Iron ore major National Mineral Development Corporation Ltd., or NMDC, is planning to raise iron ore prices by 5.22% in the domestic market, following increase in iron ore prices in the international market by 7.6%, say reports.
Director (Finance) S. Tyagarajan said the price increase would be effective from January 1, 2011.
For fine ore, the increase will be to Rs.3,366 per tonne from Rs.3,199 a tonne, while for lump, it would be to Rs.4,353 per tonne from Rs.4,137 per tonne, he said.
Chairman and Managing Director Rana Som earlier assured that the entire burden would not be passed on to the consumer, and a part of it would be absorbed by NMDC.
NMDC’s current iron ore capacity is around 30 million tonne per annum from three fully mechanized mines, which are Bailadila Deposit-14/11C, Bailadila Deposit-5, 10/11A in Chhattisgarh and Donimalai iron ore mines in Karnataka. The company’s total iron ore reserves stands at around 1.25 billion tonne
Leave a Reply