State-owned NMDC cuts prices of lump ore, fines by Rs 200 per tonne

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State-owned NMDC on Monday said it has reduced the prices of lump ore and fines by Rs 200 per tonne each.

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

After the price revision, a tonne of lump ore or high grade iron will cost Rs 7,450 a tonne while the buyers will get iron ore fines or inferior grade ore for Rs 6,360 per tonne, NMDC said in a BSE filing.

The revised prices exclude royalty, District Mineral Fund (DMF), National Mineral Exploration Trust (DMET), cess, forest permit fee, and other taxes, the company said.

It added that the new rates are effective from July 10, 2021. On June 6, 2021, NMDC had fixed the rates for lump ore at Rs 7,650 a tonne and for fines at Rs 6,560 a tonne.

NMDC, under the Ministry of Steel, is India's single largest iron ore producer, presently producing about 35 MT iron ore annually from its three fully mechanized mines located in Chhattisgarh and Karnataka.

Besides, the company is also involved in the exploration of other minerals like copper, rock phosphate, lime stone, dolomite and gypsum.