Stock in News – Will NMDC be increasing iron ore prices? What will be the impact on stock? Mansi Dave has this EXCLUSIVE report
Stock in NEWS – State run NMDC is in news. The government-owned mineral producer which works under the Ministry of Steel could increase the prices or iron ore. What this means for the company and the steel sector. Zee Business’ Mansi Dave has this detailed report.
Dave said that NMDC is in news because as there are speculations of a price hike by the company. In Odisha, many miners have increased the prices. The prices of lump ore have gone up by Rs 2000 per tn while those of fines have been increased y Rs 700 per tn.
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This may have a direct bearing on the prices of products being offered by NMDC, she said.
The demand for iron ore from steel companies has improved. The lease for Essel Mining and Sarda Mines are also due for expiring in August. The auctioning process is getting good response because of supply side considerations.
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She also said that there has been a 4 per cent recovery in iron ore prices from the lower levels after China’s intervention.
All these factors are collectively indicating an uptick in prices of iron ore from NMDC.
The stocks of this company ended at Rs 192. 95 on the NSE on Friday, gaining almost 4 per cent. After a 52-week lows of Rs 75.60, which the NMDC stock hit on 24 September 2020, the stock recovered well to make highs of Rs 213.20 on 12 May 2021.
Meanwhile, it was trading at Rs 193.30 on the BSE, gaining almost 4 per cent from the last closing price. On Friday, the NMDC stock gained for the consecutive 3 days rising by almost 6.59 per cent. NMDC is trading higher than 5-day, 20-day, 50-day, 100-day and 200-day moving averages.
Mining and minerals sector gained 3.26 per cent on Friday.
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