NMDC cuts iron ore prices by Rs 100 per tonne on lumps and fines

Move comes a few weeks after company CMD said iron ore prices were going to be under pressure in coming months

Public sector mining company NMDC Limited has cut the iron ore prices by Rs 100 per tonne on both lumps and fines in its monthly price revision that comes into effect from Thursday.

It has fixed Rs 2,300 per tonne for lumps and Rs 2,060 for fines as compared to the existing rates of Rs 2,400 and Rs 2,160 respectively.

The price reduction comes a couple of weeks after company chairman and managing director, N Baijendra Kumar, said iron ore prices were going to be under pressure in coming months owing to higher domestic supply and decline in global iron ore prices