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State-run miner NMDC, the country’s largest iron ore producer and seller, has increased the prices of iron ore by Rs 300 per tonne to Rs 4,100 per tonne from Rs 3,800 per tonne effective from November 30.

Similarly, the price of fines has been revised to Rs 2,910 per tonne from Rs 2,610 per tonne announced earlier.

The miner on November 17 had announced a Rs 300 per tonne cut in iron ore prices after a three-month hiatus. NMDC had kept the prices unchanged since August 11.

Iron ore is one of the key raw materials in the manufacturing of steel. The latest price hike is likely to impact the input cost of steel makers.

Hyderabad-based NMDC accounts for around 17 percent of India’s iron ore production.

NMDC had posted a 62 percent decline in net profit to Rs 885 crore in the September quarter as its average sales realisation per tonne declined by 30 percent due to lower iron ore prices. Its revenue from operations fell by 51 percent to Rs 3,328 crore from Rs 6,793 crore in the year-ago quarter.

The EBITDA also dropped by 60 percent to Rs 1,280 crore from a record high of Rs 3,203 crore in the same period a year ago.

NMDC’s iron ore production declined by 19 percent to 71.08 lakh tonnes from 87.70 lakh tonnes a year ago. Iron ore sales also declined by 6 percent to 84.32 lakh tonnes from 89.85 lakh tonnes in the year-ago quarter.

Shares of NMDC are trading at Rs 118, up 0.73 percent.

(Edited by : Rukmani Krishna)

First Published:Nov 30, 2022 2:02 PM IST