State-owned NMDC on Tuesday fixed the rate for lump ore and fines to be at Rs. 4,950 and Rs. 4,210 per tonne. Lump ore, or high-grade iron ore, contains 65.53 percent iron, while fines are inferior grade ore with 64 percent iron or less. The latest prices are inclusive of royalty and contributions to District Mineral Foundation DMF and National Mineral Exploration Trust NMET Cess, forest permit fee, and other taxes will also be levied, the miner said in a regulatory filing. On May 30, the NMDC fixed the rate of lump ore and fines at Rs. 3,900 and 3,560 per tonne. At that time, the rates did not include royalties, contributions to DMF and NMET, cesses, forest permit fee and other taxes. Inclusion of royalty, DMF, and NMET brings the prices on a par with the rates of miners in Odisha Then customers will now find it easier to calculate the prices of iron ore, a SteelMint analyst said. The price of iron ore is a crucial raw material used in the production of steel, and any movement in its price has a direct impact on steel rates. The NMDC contributes 17 - 20 percent to the country's total iron ore production.
NMDC fixed rate for lump ore and fines
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9 Comments
Muchacha
The increase in prices will provide a level playing field for miners in Odisha, ensuring fair competition and preventing unfair market practices.
Mariposa
The inclusion of additional taxes and fees in the price structure ensures that the mining sector contributes to the development of local communities and the exploration of new mineral resources.
Katchuka
The increase in prices could have a negative impact on smaller steel manufacturers who may struggle to absorb the additional costs, potentially leading to job losses.
Loubianka
The inclusion of royalty, DMF, and NMET in the pricing structure ensures accountability and transparency in revenue collection, preventing leakage and improving governance in the mining sector.
Tyutyunya
The increase in prices could discourage investment in the mining sector, as higher costs may deter companies from exploring new mineral deposits.
Madagascar
The price increase will incentivize more efficient use of iron ore, as steel manufacturers will seek ways to reduce their consumption or find alternative sources to minimize costs.
Noir Black
The price increase could also lead to higher steel prices for consumers, as steel manufacturers pass on the increased costs to maintain their profit margins.
Katchuka
The increase in prices reflects the true cost of production and helps NMDC maintain profitability, ensuring the sustainability of iron ore mining in the long term.
BuggaBoom
The increase in prices of lump ore and fines will lead to higher production costs for steel manufacturers, which could impact their competitiveness in the global market.