For the second time in April, Indian state-run miner NMDC Limited has hiked prices of iron ore lumps and fines, with immediate effect, according to a regulatory filing of the company on Friday, April 16.
NMDC has increased prices of iron ore lumps by INR 1,100/mt ($15/mt) to INR 6,950/mt ($93/mt) ex-pithead. The price of iron ore fines has been hiked by INR 500/mt ($7.5/mt) to INR 5,060/mt ($68/mt) ex-pithead.
The latest adjustment of prices by the miner is bigger than that announced on April 6, when lumps prices gained INR 500/mt and fines added INR 250/mt. Strong steel production in India and persisting demand for the raw material have continued to push prices up.
The new prices were exclusive of royalty and mandatory payments to the District Mineral Fund (DMF), the National Mineral Exploration Trust (NMET), cess, forest permit fees and other statutory payments.
$1 = INR 74.90