NMDC price correction is good entry point for long-term investors

Being a public sector undertaking, NMDC was quoting at reasonable valuations earlier. Analysts are getting bullish on this counter now because the recent correction has brought down its valuation to still lower levels.
After rallying to $230 per tonne in May, the international iron ore price has corrected significantly. However, after reaching a 52 week low of $103— down 55% from the peak, iron ore prices have started bottoming out and now trading around $122. The recent underperformance of NMDC, India’s largest merchant iron ore miner, is mostly because of this factor.