NMDC Share Price Off Day's Low On Hike In Iron Ore Prices
Shares of NMDC Ltd. recovered from day's low on Tuesday after the state-run company announced a hike in iron ore prices by Rs 400 per tonne.
NMDC raised the prices of lump ores to Rs 5,750 per tonne and fines to Rs 5,010 per tonne, according to an exchange filing. The new rates will come into effect from Oct. 1, it noted.
Since July, the rate of lump ores and fines stood at Rs 5,350 per tonne and Rs 4,610 per tonne, respectively.
The fresh revision brings iron ore prices to nearly the same level as they stood at the start of this fiscal.
The rate hike was announced a day after NMDC shares rallied around 5% in the backdrop of optimism seen in the Chinese real estate market.
China, which is among the top iron ore importers globally, unveiled key measures over the weekend to revive its struggling real estate market. Major cities, including Shanghai, Shenzhen, and Guangzhou, relaxed home-buying restrictions, while the central bank announced it would allow the refinancing of mortgages.
NMDC raised the prices of lump ores to Rs 5,750 per tonne and fines to Rs 5,010 per tonne, according to an exchange filing. The new rates will come into effect from Oct. 1, it noted.
Since July, the rate of lump ores and fines stood at Rs 5,350 per tonne and Rs 4,610 per tonne, respectively.
The fresh revision brings iron ore prices to nearly the same level as they stood at the start of this fiscal.
The rate hike was announced a day after NMDC shares rallied around 5% in the backdrop of optimism seen in the Chinese real estate market.
China, which is among the top iron ore importers globally, unveiled key measures over the weekend to revive its struggling real estate market. Major cities, including Shanghai, Shenzhen, and Guangzhou, relaxed home-buying restrictions, while the central bank announced it would allow the refinancing of mortgages.