National Mineral Development Corporation (NMDC), the nation’s leading iron ore producer and exporter, has implemented a price hike of Rs 200 per tonne for iron ore, responding to the escalating demand for this critical raw material in steel production.
Effective January 2, the prices for lump ore have been revised to Rs 5,600 per tonne from Rs 5,400, while fines now stand at Rs 4,910 per tonne, up from Rs 4,660, as conveyed in an exchange filing by the company.
In a post-earnings call with analysts in November, Chairman and Managing Director (additional charge) Amitava Mukherjee highlighted the “tremendous” demand witnessed for both lumps and fines.
According to a SteelMint forecast, India’s iron ore consumption is anticipated to surge to 255-260 million tonnes (mt) by the fiscal year 2024-25 (FY25).