NMDC has hiked rates of the mineral by Rs 300 to Rs 2,950 a tonne with immediate effect. Iron ore is the key raw material used in steel making. Any change in its prices has a direct impact on the rates of steel.
It has increased the price of lumps or high-grade iron ore by Rs 300 to Rs 2,950 per tonne, and that of iron ore fines or inferior grade ore by Rs 300 to Rs 2,660 a tonne. The revised prices exclude royalty, District Mineral Fund (DMF), National Mineral Exploration Trust (DMET), cess, forest permit fee, and other taxes.
NMDC is a state controlled mineral producer of the Government of India. It is fully owned by the Government of India and is under administrative control of the Ministry of Steel.
