NMDC's decision was taken due to the increase in global steel production and high demand for steel raw materials. Effective January 2, lump ore prices were increased from Rs 5,400 (US$ 64.86) to Rs 5,600 (US$ 67.27) per tonne. Powder ore prices were also raised from Rs. 4,660 to Rs. 4,910 per tonne during the same period.
This price revision comes at a time when India's iron ore demand is projected to grow to 255-260 million tons in 2024-25. NMDC has been in the industry for more than 65 years, contributing to the exploration of various minerals such as copper, rock phosphate, limestone, magnesite, diamonds, tungsten and beach sands in addition to iron ore.
The last update on the price increase took place in November. With demand and supply imbalances in the steel industry, it remains to be seen how NMDC's price policy will affect the overall trends in the sector.
Comments
No comment yet.