NMDC Hikes Iron Ore Prices For The First Time In Eight Months
India’s largest iron ore miner increased prices for the first time in eight months on the heels of similar actions by Odisha-based producers.
NMDC Ltd. hiked prices of lumps and fine ore by around Rs 200 a tonne each this month—the highest since September 2019—to 2,800 per tonne and Rs 2,560 per tonne, respectively, the miner said in a filing
The eight percent price hike comes after Aditya Birla Group-owned Essel Mining and Industries Ltd.—a major iron ore mine in Odisha—increased prices by nearly Rs 450 per tonne in its second price hike in December.
Producers in Odisha have been increasing prices of iron ore—a key raw material for steelmaking—fearing a supply disruption once the Odisha government conducts auctions for 33 mining blocks in 2020. That’s because leases for these mines, which contribute nearly a third of India’s iron ore output, are to expire in March and companies anticipate delays of up to two years over securing clearances from
various government departments once the licences are allotted to them.
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