NMDC hikes Iron Ore prices by 12%, 2nd hike within 12 days

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Biznextindia : Indicating revival in demand after opening of economic activities, Public Sector Iron Ore miner NMDC has hiked its Iron Ore prices by 12 per cent from today i.e. August 12.

While the Sized Iron Ore prices (65.5%, 6-40mm) has been hiked by 11 per cent to Rs.2950 per tonne from Rs.2650 in July. Similarly, Iron Ore fines (64%, -10mm) prices has been hiked by 12 per cent Rs.2660 per tonne from Rs. 2360 earlier.

This is the second hike by the miner in the current month. In the beginning of the month, NMDC had raised ore prices by 9%.

The miner has reported 12 per cent rise in its monthly production to 2.19 Million Tonnes (MT) in July 2020 from 1.94 MT in July 2019. However, the July output has dropped by 13 per cent on monthly basis from 2.52 MT in June 2020. Out of the 2.19 MT production in July, NMDC’s mines located in Chhattisgarh have contributed 1.56 MT and Karnataka mines contributed 0.63 MT. NMDC’s monthly sales has also increased by 6 per cent to 2.57 MT in July 2020 from 2.41 MT in July 2019.

Meanwhile, NMDC has reported cumulative Iron Ore production of 8.80 MT in the April-July period from 10.41 MT in the corresponding period of 2019, a drop of 15 per cent. The sales during this period has also dropped by 19 per cent to 8.98 MT.

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