Odisha miners cut iron ore price by 10% on improved supply

Mining companies in Odisha, which account for more than 50 per cent of national production and supply of iron ore to steel plants, have cut their prices by about 10 per cent in the new supply contracts drawn up in April.

This is despite the indication by another big supplier government-owned NMDC to not slash ore prices in April.

While the price of iron ore fine  quoted by Odisha suppliers has come down to Rs 2,000 per tonne from Rs 2,200 per tonne, the sized ore (lump) price has slumped to Rs 4,300 per tonne, from Rs 4,800.

Last month, prices had seen