NMDC hikes its iron ore prices

KOLKATA: NMDC has increased the prices of its iron ore with effect from April 4, 2016. It was the second consecutive month during which the country's largest iron ore miner has increased prices. While price of the prime grade lump ore has been fixed at Rs. 2,100 wet metric tonne (WMT), while price of fines has been fixed at Rs 1,860 WMT. The company's gained 3.89% to close at Rs.101.55 after the company announcement. Earlier the scrip opened at Rs. 98.25 and has touched a high and low of Rs. 101.9 and Rs. 98 respectively.

Earlier in March 2016, NMDC, a state owned company had raised prices by Rs 70-150 a tonne for the month effective last March 11. While lump & fines prices were raised by Rs 150 a tonne, other varieties saw an increase of Rs 70-140 a tonne. Last month, it had kept prices unchanged. Global iron ore prices are slowly recovering since last month with signs of a revival in outlook for China's property boom.