National Mineral Development Corporation (NMDC) has reportedly increased prices of iron ore lumps and fines by Rs 100 a tonne for this month. The hike came in after several months of iron ore prices being either unchanged or slashed.
Following this, the cost of iron ore lumps and fines will be now Rs 4,300 a tonne and Rs 2,610 a tonne respectively. Iron ore lumps are of a higher grade, with Fe content of 63-65 percent. Fines are of lower grade, with Fe content of less than 60 percent.
NMDC has a total production capacity of 32 MT per annum at its mines in Chhattisgarh and Karnataka. It has kept a target of expanding its iron ore mining capacity to 40 MT by 2014-15.