NMDC slashes iron ore prices by Rs 50 per tonne; new rates are effective from 14 March
The country's largest iron ore miner NMDC has slashed prices of lump ore and fines by Rs 50 per tonne
New Delhi: The country's largest iron ore miner NMDC has slashed prices of lump ore and fines by Rs 50 per tonne.
NMDC has reduced the price of lumps or high-grade iron ore by Rs 50 to Rs 3,150 per tonne, the company informed the BSE on Monday.
The price of iron ore fines, which are inferior grade ore, has also been reduced by Rs 50 to Rs 2,860 per tonne.
The revised prices exclude royalty, DMF (District Mineral Fund), NMET (National Mineral Exploration Trust), cess, forest permit fee and other taxes, NMDC said, adding that the new rates are effective from 14 March, 2020.
This is the third price revision by NMDC in 2020.
The last revision was made on 19 January, when NMDC increased the price of lumps to Rs 3,200 per tonne, up Rs 400 from Rs 2,800 per tonne fixed on 2 January, 2020.
The price of fines was also increased by Rs 350 to Rs 2,910 per tonne from Rs 2,560 per tonne fixed by NMDC on 2 January, 2020.
NMDC produces about 35 million tonnes of iron ore from three fully-mechanised mines.
The company, a public sector undertaking (PSU) under the administrative control of Ministry of Steel, is also involved in the exploration of a wide range of other minerals, including copper, rock phosphate, limestone, dolomite, gypsum, bentonite, magnesite, diamond, tin, tungsten, graphite, beach sands, among others.
Iron ore miner NMDC has suffered Rs 745.94 crore revenue loss during 2007-10 for not revising the domestic prices of the steel-making raw material in line with prevailing market rates, government auditor CAG said.
The deal will be first foreign acquisition for NMDC, which has been scouting for natural resources abroad in countries like Russia, United States, Afghanistan, Uzbekistan, Canada and South Africa, among other countries.