State-owned miner NMDC on Wednesday increased iron ore prices by Rs 200 per tonne and Rs 150/tonne of fines, with immediate effect -- the third hike in the ongoing quarter.
It has fixed the price of baila lump ore at Rs 5,700 per tonne and fines at Rs 4,850 a tonne, NMDC, the country's largest iron ore mining, said in a regulatory filing.
Lump ores or high-grade iron ores contain 65.5 per cent iron content, while fines are inferior-grade ores with 64 per cent or less iron content.
The new prices effective from June 3 are exclusive of royalty, district mineral fund (DMF), National Mineral Exploration Trust (DMET) and exclude cess, forest permit fee, transit fee, GST, environmental cess and other taxes.
Iron ore and coking coal are the two basic raw materials used in the manufacturing of steel through blast furnace route. Any movement in their prices has a direct impact on rates of steel, an alloy widely used in segments like construction, infrastructure, automobile, and railways.
The latest price revision by NMDC is the third hike in prices of iron ore and fines, during the ongoing quarter.
In the last price revision announced on May 6, NMDC had fixed the rate of the baila lump at Rs 5,500 per tonne and that of fines at Rs 4,700 per tonne.
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On April 5, the company had fixed iron ore prices at Rs 5,300 per tonne, and fines at Rs 4,500 a/tonne.
Hyderabad-based NMDC (formerly known as National Mineral Development Corporation) under the Ministry of Steel contributes around 20 per cent to India's total iron ore production.
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