NMDC keeps April iron ore prices unchanged

State-run NMDC has kept iron ore prices unchanged for April after stiff price reductions in the last two months.
In March, the company had reduced prices by Rs 300 per tonne of lumps or higher grade iron ore and by Rs 500 per tonne in fines to fix the prices at Rs 3,250 a tonne for lump ore and Rs 2,460 a tonne for fines in the current month.
NMDC revises the price of its produce every month.
Though it did not state any reason for keeping the prices unchanged, but according to market insiders, the company is hoping for a spike in demand from local steel makers.

In February, the miner had slashed rates by Rs 450 a tonne in lumps and Rs 300 a tonne in fines.
Compared to April last year, NMDC's prices are lower by Rs 1,250 per tonne for lumps and Rs 450 a tonne for fines.

After holding the price of iron ore for July-October period, NMDC had reduced the rate of lumps by Rs 200 per tonne for November. Again in December, it reduced the price of lumps by Rs 200 per tonne and Rs 100 per tonne for fines. January prices were kept unchanged.
Following a tumble in global prices and ban on mining activities, India's iron ore imports jumped manifold to a record 15 million tonnes in the financial year 2014-15.

In 2013-14, the imports were merely 3.2 lakh tonnes and the galloping rise has been a concern for the sector.
In the April-December period the company's sales and production took a beating by over 13 per cent.
However, the full figure of 2014-15 fiscal year is yet to be announced.