NMDC reduces iron ore lumps price

State-owned NMDC Limited has reduced the price of iron ore lumps by 2.2% from Rs 5,060 to Rs 4,950 a tonne.

A decision to this effect was taken by the company's board at its meeting held on Saturday.  
Prices of fines, however, were left unchanged.

"The price has been reduced basing on our assessment of the market condition and the demand-supply position. The board will review the prices when it meets again next month," NMDC chairman and managing director, CS Verma, told Business Standard.   

NMDC has been criticised for increasing prices in the July-September quarter. Following this, it had decided to revise the prices monthly.

In October, it had cut prices 2-11% and in November by 3-11%. In December, it had kept these unchanged.

For January, NMDC had cut the price of iron ore lumps, the superior variety of steel making raw material, 5.9%, or Rs 320 a tonne. Even at that time prices of fines were not changed.

NMDC is the country's largest producer of iron ore with a 32-million tonne per annum capacity.