Keyword; NMDC, iron ore prices, steel production, stock market, global iron ore rally, financial updates, India economy, NMDC share price
NMDC Ltd., India’s leading iron ore producer, has reportedly raised its domestic iron ore prices by up to ₹400 per tonne. This adjustment comes after the company’s prices corrected by ₹1,000 to ₹1,100 per tonne since May 2023. The stock, currently trading at ₹241.81, saw a 1.2% dip on Tuesday, following an impressive eight-day rally that culminated on Monday.
A major driver behind NMDC’s recent stock performance has been the 25% recovery in global iron ore prices, which reached a low point in September. The anticipated ramp-up in steel production during the second half of the current financial year is another factor contributing to the positive sentiment surrounding NMDC shares.
Although NMDC’s stock is still below its recent high of ₹286.35, the upward trend in both domestic and global iron ore prices could continue to influence its market trajectory.
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