Team News Riveting
Raipur, October 5
Continuing to curtail the iron ore prices for the fourth month in a row, National Mineral Development Corporation (NMDC) has slashed the rates of steel making raw material by 22 per cent since July 2021.
The company on Tuesday revised the prices and fixed the rate of lumps or high-grade iron ore at Rs 5950 per tonne and that of iron ore fines or inferior grade ore at Rs 4760 per tonne. The revised prices exclude royalty, District Mineral Fund (DMF), National Mineral Exploration Trust (DMET), cess, forest permit fee, and other taxes.
The price would come into effect from October 5, the company said.
Compared to the month of September, the iron ore prices for lumps and fines had come down by 3.25 per cent and 7.75 per cent respectively.
Country’s largest iron ore producer and exporter started slashing the prices in a row in July when it revised the rate of lumps and fines at Rs 7450 per tonne and Rs 6360 per tonne respectively. In the month of June, the company had fixed the price of lumps at Rs 7650 per tonne and that of fines at Rs 6560 per tonne.
The prices compared to July 2021 have dropped by 22.09 per cent and 27.44 per cent for lumps and fines respectively with the revised rates announced for October 2021.
The iron ore production of NMDC soared 47 per cent in September compared to the corresponding period last year (CPLY). The cumulative production and sales till September 2021 were 17.71 MT and 12.24 MT respectively. As compared to the previous year’s corresponding period, the production and sales had increased by 45 per cent and 43 per cent respectively.
