The country's largest iron ore miner NMDC on Wednesday 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.

In a filing to BSE, NMDC said 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, the company said. It added that the new rates are effective from August 12, 2020.

The last revision, effective July 31, was announced on August 3, when NMDC had fixed the price of lumps at Rs 2,650 per tonne and of fines at Rs 2,360 a tonne.

NMDC, previously known as National Mineral Development Corporation, is also involved in the exploration of a wide range of minerals like copper, rock phosphate, lime stone, dolomite and gypsum.