Despite huge demand for the steel raw material compared to limited supply, the domestic iron ore major, NMDC, has kept its rates unchanged at Rs 2,600 a tonne of iron ore fines and Rs 4,600 a tonne of lumps for the month of June. The prices of iron ore in the international market, which came down 15 per cent to $110 a tonne from $130 a tonne, has mainly helped to neutralize the effect of the rupee slide for the company.
Off lately, the steel industry has resorted to import but NMDC has started keeping prices competitive in comparison with import costs to ensure import does not take place in huge quantity.
The company reported a fall of 10.80% in its net profit at Rs 1464.95 crore in Q4FY13 as compared to net profit of Rs 1642.28 crore in the same quarter previous year. However, total income from operation of the company has increased by 19.29% to Rs 3751.64 crore as compared to Rs 3144.87 crore in corresponding quarter last year.
