This Article is From Jul 03, 2014

NMDC Keeps Iron Ore Prices Unchanged for July

New Delhi:

State-run iron ore miner National Mineral Development Corporation (NMDC) has kept price of key steel-making raw material unchanged for July as global prices nosedived.

In a communique to stock exchanges, NMDC said it has "rolled over the June, 2014, price of lump ore (Rs 4,600 per tonne) and fines (Rs 3,160 per tonne) to the month of July, 2014."

Globally, iron ore prices have nosedived to $91 per tonne from around $131 a tonne in 2013 peak operating session.

The company reviews prices every month. Last month, NMDC had raised the price of lump ore, which contains more iron and used mostly by domestic steel makers, by Rs 300 per tonne and of fines or lower grade iron ore by Rs 250 per tonne.

The country's largest producer of iron ore had lowered price of lump by Rs 200 in May. No changes in fines prices were made during the month.

In March and April, NMDC had kept lump prices unchanged, while it had raised the rates of iron ore fines by Rs 100 per tonne in February.

Due to sluggish market conditions, NMDC had hiked rates only thrice since November, 2012, and that too only marginally.

Meanwhile, sales of the company till June of the current fiscal rose to 85.85 lakh tonnes from 73.95 lakh tonnes a year ago.

Production during April-June also increased to 78.54 lakh tonnes from 69.21 lakh tonnes.