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Motilal Oswal Report
NMDC Ltd. has announced a reduction in iron ore prices by Rs 300–500/tonne, driven by a consistent decline in domestic pellet prices.
The price of fines is down by Rs 500/tonne, with the price of lumps / directly reduced calibrated lump ore having been reduced by Rs 300/350.
After a cumulative price hike in iron ore fines by Rs 2,350/tonne in Q1 FY22, NMDC has been steadily lowering the prices of the ore in line with the reduction in domestic steel and pellet prices. The cumulative decrease in Q2 FY22 and Q3 FY22 stands at Rs 2500/tonne.
With the current round of reductions, iron ore prices are now lower compared to the start of the year.
Further management has guided that the demerged steel plant's financials would likely be presented to the board in H2 FY22. This is an important step towards a formal de-merger of the steel plant.
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