State-owned NMDC has increased the price of high-grade lump iron ore by Rs 150 per tonne to Rs 5,400 per tonne, with the revised price taking effect immediately.
The increase applies to lump ore containing 65.5 per cent iron. NMDC has kept the price of iron ore fines, with iron content of 64 per cent or lower, unchanged at Rs 4,500 per tonne.
The latest revision follows the company's August 8 price announcement, when lump ore was priced at Rs 5,250 per tonne and fines at Rs 4,500 per tonne. The latest increase therefore represents a rise of about 2.9 per cent in lump ore prices from the previous level.
Iron Ore Supply Tightens During Monsoon
Iron ore production in India has declined amid monsoon-related disruptions, while Odisha witnessed a fall in iron ore dispatches during June and July. The resulting tightening in ore availability has coincided with an improvement in steel market sentiment.
Iron ore is a key raw material used in steel manufacturing, making NMDC's pricing an important indicator for raw-material costs across the domestic steel industry.
NMDC Supplies About 20% Of India's Iron Ore
NMDC, under the Ministry of Steel, is India's largest iron ore producer and caters to around 20 per cent of the country's iron ore requirement.
The Hyderabad-headquartered company operates four major mechanised iron ore mining complexes across the Bailadila region in Chhattisgarh and the Donimalai region in Karnataka.