Top iron ore miner NMDC has increased its lump iron ore prices to Rs 1,950 per weight metric ton (WMT) and price of fines to Rs 1,710 per WMT, as per an official release of the company.
The price increase is slightly more than 8% from the current price.
This is the first hike since June 2014. For the last time, the PSU miner had raised iron ore lump prices by Rs 300 to Rs 4,500 per ton in June 2014. In the case of fines, the rates were hiked by Rs 100 to Rs 1,560 a ton in November 2015.
The company has reduced prices of higher grades of iron ore by 57% to Rs 1,800 a ton for December 2015 as compared to Rs 4,200 a ton in January 2015. Faced with declining sales, the public sector undertaking (PSU) has consistently slashed iron ore prices since January.
“The prices of iron ore have come into effect from March 11, 2016,” NMDC said in a BSE filing.
“The above prices are exclusive of royalty, taxes, DMF, duties, levies etc,” NMDC said.
It had slashed prices of iron ore by Rs 300 to Rs 1,800 per WMT in December as it faced subdued demand for the key steel-making raw material.
The company's sales during April-February, 2016 stood at 25.86 million tons (mt). Its production during the period stood at 25.04 mt.