diff --git a/platform/mellanox/hw-management.mk b/platform/mellanox/hw-management.mk
index 3f8724fa1358..6dc1f2655629 100644
--- a/platform/mellanox/hw-management.mk
+++ b/platform/mellanox/hw-management.mk
@@ -1,6 +1,6 @@
 # Mellanox HW Management
 
-MLNX_HW_MANAGEMENT_VERSION = 7.0010.2304
+MLNX_HW_MANAGEMENT_VERSION = 7.0010.2344
 
 export MLNX_HW_MANAGEMENT_VERSION
 
diff --git a/platform/mellanox/hw-management/hw-mgmt b/platform/mellanox/hw-management/hw-mgmt
index 5aaacf787c8f..fedae3bfe21c 160000
--- a/platform/mellanox/hw-management/hw-mgmt
+++ b/platform/mellanox/hw-management/hw-mgmt
@@ -1 +1 @@
-Subproject commit 5aaacf787c8f1631e1617884abf4d9879ac23151
+Subproject commit fedae3bfe21c98fd61e6d1252ee0a67516bcc553