Back

NMDC hikes iron ore product prices by 700-1,500 rupee/tn, source says

Informist, Wednesday, May 12, 2021

 

–NMDC ups prices of fines by 1,500 rupees to 6,560 rupees/tn

–NMDC ups prices of lumps by 700 rupees to 7,650 rupees/tn

 

By Narayana Krishna

 

HYDERABAD –NMDC Ltd has hiked prices of its iron ore products by 700-1,500 rupees per tn, taking the company's prices of the commodity to a historic high, on the back of robust domestic demand and rising international prices, a source told Informist.

 

The pricing panel of the state-owned iron ore major met on Tuesday and decided to hike prices of iron ore fines by 1,500 rupees per tn to 6,560 rupees and that of lumps by 700 rupees a tn to 7,650 rupees, the source said.

 

The source said the hike was based on the Odisha miners' pricing pattern and rising domestic demand.

 

The company initially mulled a price hike of around 500-1,000 rupees. However, with private mining companies charging 15-20% more than NMDC, the panel approved a hike higher than previously planned, the source said.

 

According to reports, average iron ore prices in global markets is around $215-$220 per tn.

 

At 1057 IST, shares of NMDC were 3.1% higher at 203.10 rupees on National Stock Exchange.  End

 

US$1 = 73.46 rupees

IST, or Indian Standard Time, is five-and-a-half hours ahead of GMT

 

Edited by Subham Mitra

 

Cogencis news is now Informist. This follows the acquisition of Cogencis Information Services Ltd by NSE Data & Analytics Ltd, a 100% subsidiary of the National Stock Exchange of India Ltd. As a part of the transaction, the news department of Cogencis has been sold to Informist Media Pvt Ltd.

 

Informist Media Tel +91 (11) 4220-1000

Send comments to feedback@informistmedia.com

.

© Informist Media Pvt. Ltd. 2021. All rights reserved.

 

Other News

Labour min to resume employment surveys in July as COVID cases wane

Informist, Friday, Jun 18, 2021 By Pragya Srivastava NEW DELHI – The labour ministry will resume five surveys on employment situation from the first week of July, as COVID-19 cases have fallen sharply, a senior government official said. The all-India annual surveys on migrant workers, domestic workers, transport sector, and professionals, and the quarterly survey on establishments employing less than nine […]

Major tyre cos plan second price hike in Apr-Jun on firm demand

Informist, Friday, Jun 18, 2021–Source: Apollo Tyres to hike prices by 2-3% in June–Source: CEAT to hike tyre prices by 2-3% in June–Source: JK Tyre to hike prices in June, quantum not disclosed–CONTEXT: Tyre cos to hike prices to mitigate higher input cost By Sai Ishwarbharath CHENNAI – Major domestic tyre makers are likely to raise prices for the second […]

TREND: Collaborative efforts key to meeting 20% ethanol blend target

Informist, Friday, Jun 18, 2021 By Preeti Bhagat NEW DELHI – The government's aim to achieve 20% ethanol blending with petrol by 2025 may have seemed ambitious to begin with, but industry leaders say it could be possible if all stakeholders align their efforts and work in tandem.  The Centre has brought the original target of 2030 forward by […]