NMDC Hikes Lump Ore And Fines Prices Amid Strong Demand
The pricing update coincides with NMDC's financial performance report for the March quarter of FY24
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State-run National Mineral Development Corporation (NMDC) has announced an increase in prices for its lump ore and fines, effective 28 May. According to reports, NMDC has raised lump ore prices by Rs 250 per tonne and fines by Rs 350 per tonne. This marks the second price hike in two months, following an increase in April where lump ore prices were raised by Rs 400 per tonne and fines by Rs 200 per tonne.
As India's largest iron ore producer, NMDC remains focused on the domestic market. The price adjustments come amid robust demand for iron ore, a crucial ingredient in steel production, fueled by ongoing government infrastructure projects.
The pricing update coincides with NMDC's financial performance report for the March quarter of FY24. The company reported a consolidated net profit of Rs 1,412.67 crore, marking a 37.8 per cent decline from Rs 2,271.53 crore in the same period last year. However, NMDC's consolidated revenue rose by 10.9 per cent year-over-year to Rs 6,489.31 crore and surged 20 per cent sequentially.
Iron ore sales also increased by 10.9 per cent year-over-year to Rs 6,427.24 crore, according to the company’s investor presentation. The results highlight the strong demand for iron ore in the market, driven by the government's sustained investment in infrastructure.
