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Motilal Oswal Report
NMDC Ltd. has cumulatively raised iron ore prices by Rs 400/tonne over July-August on improving volumes (up 7% YoY to 2.57 metric tonne in July 2020) on improving demand from steel plants as domestic demand improves.
This, coupled with higher international iron ore prices, has enabled NMDC to raise prices this month by Rs 200/tonne (approximately 9%) to Rs 2,360/2,650 per tonne for fines/lumps. This price increase follows NMDC’s price hike of Rs 200/tonne in July 2020.
We believe NMDC’s iron ore prices should sustain in H2 FY21 due to rising steel prices (up approximately Rs 2,000/tonne month on month), higher pellet prices (up 20% MoM to Rs 7,200/tonne), and reduced iron ore supply from Odisha mines.
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