State-owned miner NMDC Ltd on Wednesday, August 16, announced that it has revised iron ore prices downwards with effect from August 15, 2023. The prices of lump ore (65.5 percent, 6-40mm) now stand at Rs 4,650 per tonne, while those of fines (64 percent, -10mm) have been fixed at Rs 3,910 per tonne.

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The above freight on road (FOR) prices are inclusive of royalty, DMF, NMET and exclusive of cess, forest permit fee, transit fee, GST, environmental cess and other taxes.

Last month, NMDC had raised the price per tonne for lump ore to Rs 4,950 and for fines to Rs 4,210 with effect from July 18. This marked the first increase in iron ore prices for fiscal 2023-24.

On Wednesday, shares of NMDC dropped 2 percent to hit an intra-day low of Rs 116.30 apiece on BSE. The stock has fallen over 7 percent so far this year.

Last week, NMDC reported an increase of 13 percent in its consolidated net profit for the first quarter ended June 2023 (Q1FY24).

The company’s net profit stood at Rs 1,661 crore in the June quarter compared to Rs 1,471 crore in the same quarter in the preceding financial year.

Compared with the previous quarter, the net profit declined 27 percent sequentially in Q1FY24 compared to Rs 2,277 crore in Q4FY23.

NMDC’s revenue from operations rose 13 percent year-on-year to Rs 5,395 crore in Q1FY24 compared with Rs 4,767 crore in June quarter of FY23.