NMDC hikes lump ore prices

India's largest iron ore producer NMDC has increased the prices of its lump ore provisionally by 10 per cent for the April to June 2011 quarter. Consequent upon the increase in iron ore prices during 2010-11, the company is likely to achieve a record turnover of more than 80 per cent over the previous year.

It achieved a production of 25.19 million tonnes of iron ore last fiscal, about six per cent higher than the previous year's production. On the sales front, it achieved 26.33 mt (24.09 mt).This was mostly on account of improved rake supply by the Railways as well as increase in offtake by domestic customers.crackcrack