NDMC increases price of iron ore by eleven percent
July 1st, 2010 - 4:28 pm ICT by ANIHyderabad, July 1 (ANI): The State-owned National Mineral Development Corporation (NDMC) here has increased the prices of iron ore by eleven percent.
The prices were decided in a board meeting of the NDMC on Wednesday.
NDMC Financial Director Thyagarajan said the prices have been decided as per the international market trends.
“The price will be given on the quarterly basis throughout this year. We have worked on the prices that are going to be as per the international trend. Japan steels have fixed their prices on quarterly basis,” said Thyagarajan.
“We are also going for the same. It has been worked out taking the Freight On Board (FOB) realization,” he added.
Thyagarajan also revealed that the revised prices of iron ore fines would be Rs.2920, which is an increment of Rs.320 in the previous price.
“Without our final prices, it would be Rs.2920. Provisionally we are charging Rs.2600. So just Rs.320 would increase in respect of the final prices,” said Thyagarajan.
He further informed that the quarterly export of the iron ores will be three million tones and five percent discount will be provided to the long-term customers. (ANI)
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Tags: board meeting, financial director, increment, international market trends, international trend, iron ore fines, iron ores, japan, july 1, mineral development, ndmc, quarterly basis, realization, steels, term customers, thyagarajan
