State-owned mining major NMDC increased iron prices by ₹250 per tonne for the lump ore variety and by ₹350 for a similar quantity of fines with effect from May 28.

Post the revision, lump ore costs ₹6,450 per tonne and fines ₹5,610, India’s largest iron ore producer said in a filing on Tuesday.

It is for the second month consecutively NMDC had increased the prices. In the previous revision, effective April 27, lump ore prices were fixed at ₹6,200 per tonne and that of fines at ₹5,260 for the same quantity. Compared to prices prevailing since March 21, last month’s change translated into an increase of ₹400 and ₹200 respectively.

These are FOR prices and inclusive of royalty, DMF, NMET and exclusive of cess, forest permit fee, transit Fee, GST, environment cess and other taxes.

Q4 net slumps 38%

The new iron ore prices were announced a day after NMDC reported consolidated net profit for the quarter ended March slumped almost 38% to ₹1,415.62 crore (₹2,276.94 crore) on a more than 18% increase in total income to ₹6,908.37 crore (₹5,842.52 crore). Total expenses, however, were 19% more at ₹4,519.64 crore (₹3,794.18 crore).

For 2023-24, the consolidated net profit rose a tad to ₹5,571.25 (₹5,537.72 crore) on a 23% increase in total income to ₹22,678.73 crore (₹18,435.10 crore). Total expenditure rose 20% to ₹14,443.92 crore (₹12,025.76 crore).

Declares ₹1.50 dividend

NMDC has declared a final dividend of ₹1.50 per share (face value of ₹1 each) for 2023-24. This is in addition to an interim dividend of ₹5.75 declared and paid during the fiscal, it said. The government of India holds 60.79% stake in the mining major.