The National Mineral Development Corporation of India has raised iron ore prices by more than 10%.

SMM: (NMDC), India's state-run iron ore miner, has raised the price of iron ore (lump ore and fine ore) with effect from Saturday, September 5, 2020.

NMDC raised lump ore prices by 10.16 per cent in September from the previous month to 3250 rupees / tonne, compared with 2950 rupees / tonne in August. Powder prices rose 11.27% to 2960 rupees / ton in September and 2660 rupees / ton in August. The new price will take effect from September 5th.

NMDC reported that consolidated net profit for the first quarter ended June 2020 fell 54.9% year-on-year to 5.3135 million rupees, while net sales fell 40.6% year-on-year to 19.375 million rupees.

NMDC, India's largest single iron ore producer, currently produces about 35 million tonnes of iron ore from three mechanized mines, two in Chhattisgarh and one in Karnataka. As of June 30, 2020, the Indian government held a 69.65% stake in the mining company.

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