NMDC slashes iron ore prices

State-owned mineral producer National Mineral Development Corporation (NMDC) on Saturday slashed its lump iron ore and fine iron prices by 6.15 and 20.32 percent respectively.

Post the cut, effective for the rest of the month, prices of fine iron were reduced by Rs.500 per tonne to Rs.1,960 per tonne while iron ore prices were reduced by Rs.200 per tonne to Rs.3,050 per tonne.

Last month, the mineral producer fixed the price of iron ore at Rs.3,250 a tonne for lump and Rs.2,460 a tonne for the fine variant.

This is the first time the company, which revises the prices in the beginning of every month has announced the price cut in the middle of the month.

The price cut follows a global price reduction of iron ore at $47 per tonne with a demand reduction from China, which is the largest iron ore consumer.

Subsequently, the Indian industry also asked the Centre for a price revision to keep up with the trend.