Iron ore is the key steel making raw material. A change in its prices has a direct impact on the rates of steel
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During the period, sales of the country's largest iron ore miner also registered 43% growth, the Ministry of Steel said
NMDC Ltd is aiming to achieve 47 million tonnes of iron ore production during the current financial year and plans to spend Rs 3,720 crore on capital expenditure
NMDC, the country's largest iron ore producer, has reduced prices by around Rs 1,000 a tonne, the company informed the stock exchanges on Monday.
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State-owned NMDC on Tuesday said its iron ore production surged over 44 per cent to 15.02 million tonnes (MT) in April-August 2021.
Steel companies in wait-and-watch mode, expect reduction from NMDC
Metal markets were roiled in selloff on concerns over Chinese steel production, global growth risks and the prospect of reduced US stimulus
State-owned NMDC on Thursday saw its consolidated net profit jump to Rs 3,191.30 crore in the first quarter ended June 30. The company had posted Rs 531.35 crore net profit during the same quarter a year ago. In a BSE filing, the company said its total income zoomed to Rs 6,656.30 crore in the latest June quarter from Rs 2,009.27 crore in the year-ago period. During the quarter under review, the company's expenses stood at Rs 2,394.31 crore as against Rs 1,250.82 crore in the same period of the previous fiscal. NMDC, under the Ministry of Steel, is the country''s largest iron ore miner. It is also into exploration of minerals like copper, rock phosphate, limestone, dolomite and gypsum.
State-owned NMDC on Monday said it has reduced the prices of lump ore and fines by Rs 200 per tonne each.
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NMDC produced 34.15 million tonnes and sold 33.25 million tonnes of iron ore during the financial year 2020-21.
Two-wheeler maker Hero MotoCorp will hike its vehicle prices by up to Rs 3,000 from July to partially offset the impact of the higher commodity prices