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NMDC raises iron ore costs

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Efficient August 11, the brand new costs are ₹4,100 for lump ore and ₹2,910 for fines

Efficient August 11, the brand new costs are ₹4,100 for lump ore and ₹2,910 for fines

Mining main NMDC has elevated iron ore costs by ₹200 per tonne of lump ore and ₹100 for an identical quantity of fines.

Efficient August 11, the brand new costs are ₹4,100 for lump ore and ₹2,910 for fines, the State-owned firm mentioned on Thursday. That is the primary upward revision by NMDC this fiscal.

From ₹6,100 for lump ore and ₹5,160 for fines on April 1, the costs had been on a decline. Through the earlier revision on July 12 they had been set at ₹3,900 and ₹2,810 respectively.

The costs, a mirrored image of the metal demand, nevertheless, had firmed up within the first quarter of CY22. The April costs for the lump and fines had been ₹1,200 and ₹1,100 extra respectively than the ₹4,900 and ₹4,060 fastened on December 28.

“Demand for iron ore strikes in tandem with metal demand,” CMD Sumit Deb had mentioned within the AGM lately.

“The Russia-Ukraine battle and the continued influence of COVID-19 in China have been dampening demand for metal in 2022. Consequently, demand for iron ore has been declining and costs have been unstable with a downward bias in June and July 2022. Thus, the outlook for the iron ore market will not be encouraging in brief time period,” Mr. Deb mentioned.

“The long-term demand for iron is, nevertheless, anticipated to be constructive,” he added.

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By- The Hindu

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