India’s state-run miner NMDC Limited has cut prices of iron ore lumps and fines for all deliveries effective from April 29, company sources said. Weaker demand from steelmakers pushed the miner to reduce prices.
The price of iron ore lumps (Fe content 67 percent and above, 10-40 mm) has been reduced by INR 300/mt ($3.64/mt), taking the effective price to INR 5,520/mt ($67.15/mt) ex-pithead.
The price of iron ore fines (Fe content 64 percent, 10 mm) has been reduced by NR 100/mt ($1.21), taking the effective price to INR 4,010/mt ($48.78/mt) ex-pithead.
The prices are exclusive of royalty and mandatory payments to the District Mineral Fund (DMF), the National Mineral Exploration Trust (NMET), cess, forest permit fees and other statutory payments.
$1 = INR 82.20