NMDC Raises Iron Ore Prices

The National Mineral Development Corporation (NMDC), India's leading iron ore producer and exporter, announced a price hike on October 3, effective from October 1, 2023. According to a BSE filing, the price of lump ore has been adjusted to Rs 5,200 per tonne, while fines now stand at Rs 4,460 per tonne.

These rates are inclusive of royalty, DMF, NMET, and do not cover cess, forest permit fee, transit fee, GST, environmental cess, and other applicable taxes, as per the company's statement.

In contrast, NMDC had previously reduced the prices of iron ore lump and fines by Rs 300 and Rs 450 per tonne in May.

For the April-June quarter, NMDC disclosed a net profit of Rs 1,661 crore, marking an increase from Rs 1,471 crore during the same period last year. This development signifies the company's robust performance in the sector.