NMDC increases iron ore prices by over 18% since August

NMDC has announced another price hike for its iron ore effective from October 23, a notification said.

The price of lump ore has increased by 18.69 per cent since August this year and by 10.43 per cent in October alone to Rs 6,350 per tonne.

While fines have seen a 17.35 per cent hike since August and a nearly 8 per cent rise in October to Rs 5,410 per tonne.

In October 1 price revision saw lump ore priced at Rs 5,750 per tonne and fines at Rs 5,010 per tonne. The latest hike reflects an additional increase of 10.4 per cent for lump ore and 7.99 per cent for fines within just three weeks of the October 1 adjustment.

On August 7, this year, the price for lump ore stood at Rs 5,350 per tonne and fines at Rs 4,610 per tonne.

The price increases include royalties, district mineral foundation (DMF) charges, and National Mineral Exploration Trust (NMET) fees, but exclude cess, forest permit fees, GST, and other taxes.