 "NMDC reduces iron ore prices after poor demand from industries last year")
NMDC, the state-controlled mineral producer, has reduced iron ore prices by Rs 50 or around 1.5 per cent from March 14, responding to a demand slump last year.
Lump ore prices has been fixed at Rs 3150 per tonne and iron ore fines at Rs 2,860 per tonne, down 2 per cent. The new prices excluding royalty, cess, and other taxes.
The prices were fixed earlier at Rs 3,200 per tonne for lump ore and Rs 2,910 per tonne for fines with effect from January 19, 2020.
The prices are on a higher side compared to a year ago. According to data avialable in April 3, 2019 was lower at Rs 2,850 per tonne for lump ore and Rs 2,610 per tonne for fines, fixed with effect from April 3, 2019.
Domestic steel prices fell during most of 2019 due to low demand from industries and a slowdown in economy. Domestic steel consumption grew by just 3.8 per cent during April-February FY20 after growing by 8.8 per cent in the corresponding period last year.
One subscription. Two world-class reads.
Already subscribed? Log in
Subscribe to read the full story →*Subscribe to Business Standard digital and get complimentary access to The New York Times
Smart Quarterly
₹900
3 Months
₹300/Month
SAVE 25%
Smart Essential
₹2,700
1 Year
₹225/Month
SAVE 46%
*Complimentary New York Times access for the 2nd year will be given after 12 months
Super Saver
₹3,900
2 Years
₹162/Month
Subscribe
Renews automatically, cancel anytime
Here’s what’s included in our digital subscription plans
Exclusive premium stories online
Over 30 premium stories daily, handpicked by our editors
Complimentary Access to The New York Times
News, Games, Cooking, Audio, Wirecutter & The Athletic
Business Standard Epaper
Digital replica of our daily newspaper — with options to read, save, and share
Curated Newsletters
Insights on markets, finance, politics, tech, and more delivered to your inbox
Market Analysis & Investment Insights
In-depth market analysis & insights with access to The Smart Investor
Archives
Repository of articles and publications dating back to 1997
Ad-free Reading
Uninterrupted reading experience with no advertisements
Seamless Access Across All Devices
Access Business Standard across devices — mobile, tablet, or PC, via web or app
SAVE 25%