Indian state-owned miner NMDC Limited has cut prices of iron ore lumps and fines by INR 200/mt ($2.68/mt) for deliveries in the current month, according to a regulatory filing by the company on Tuesday, July 13.
Following the price cut, the revised effective price for lumps is INR 7450/mt ($99.89/mt) and that of fines is INR 6360/mt ($85.27/mt) ex-pithead.
The new 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.
This is the first reduction in prices of iron ore lumps and fines effected by the largest Indian miner in the current fiscal year, with company sources stating that the lowering of raw material prices reflects the weakening of demand and of prices of finished steel over the past one month.
$1= INR 74.58