India’s state-run iron ore miner NMDC Limited on Saturday cut its prices of iron ore fines and lump for the current month, company sources said on Monday, April 6.
The price of iron ore lump has been cut by INR500/mt ($6.56/mt) to INR 2,650/mt ($34.77/mt), while the price of iron ore fines has been reduced by the same amount to INR 2,360/mt ($30.97/mt).
The prices for the current month exclude all taxes and levies including the district mineral fund (DMF) charge and are on ex-pit basis, the sources said.
Last month, NMDC had reduced its prices of lumps and fines by INR 50/mt ($0.65/mt)
The cut in prices for the current month have been made in view of the fall in off-take by steel mills which have been progressively reducing finished steel production, while lower raw material costs are expected to give a fillip to fresh bookings, company sources said.
$1 = INR 76.20