The country’s largest iron ore miner NMDC on Wednesday hiked rates of the mineral by ₹300 to ₹2,950 a tonne with immediate effect.

Iron ore is the key raw material used in steel making. Any change in its prices has a direct impact on the rates of steel.

In a filing with the BSE, NMDC said it had increased the price of lumps or high-grade iron ore by ₹300 to ₹2,950 per tonne, and that of iron ore fines or inferior grade ore by ₹300 to ₹2,660 a tonne. It added that the new rates are effective from August 12, 2020.

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