India’s iron miner NMDC has been on a bullish path recently – the miner recently raised iron ore prices for the second consecutive month by Rs250/tonne after a hike of Rs300/tonne last month. Good domestic demand has contributed to the optimism.
The firm also raised the output of iron ore in H1FY2024 by 21% from the same period a year ago to almost 20 million metric tonnes. Iron ore deliveries in the same period were up 25%, an encouraging sign.
The market is hopeful that the recent hikes will raise prices of domestic sponge iron, which has trended down recently. It could have a positive impact on pig iron prices as well, in a dual driver along with raised coking coal costs.
Written by: Sabrina Shaw