NMDC stock: Growing steel production supporting iron ore demand

The 62% Fe ore prices ex-China had corrected from more than $75 a tonne to sub $65 levels during the February-May period

The NMDC stock having corrected by about 29 per cent from its January highs is looking up in the recent weeks. Though declining iron ore prices in the international markets had led to the decline, the street is enthused by price hikes announced by the company at the end of May, strong quarterly performance last week and recent production numbers.   

The 62 per cent Fe ore prices ex-China had corrected from more than $75 a tonne to sub $65 levels during the February-May period. This had led the company to take some price cuts. However, strong demand in the country