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

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