Taking cues from international price hike of iron ore to $150 per tonne from $130 per tonne provides NMDC the necessary reason to effect a hike. NMDC may announce a Rs 300-350 per tn hike in the prices in the third week of this month when its Board meets.
The proposed price hike may not push the steel prices up further since almost all leading producers have effected a price hike from the beginning of the current month, factoring in cost escalation.
Lumps and Fines are two varieties of iron ore, Indian steel mills mostly use. The price of Lumps are between Rs 5,000 — Rs 6,000 per tn. Fines are priced between Rs 2,200 — 2,900 per tonne.
NMDC’s Chairman, Mr N K Nanda declined to comment on the possible hike in the prices.
Stock of NMDC was settled at 168.15 (down 0.59%) at NSE on wedensday.
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