India’s state run miner NMDC Limited has cut prices of iron ore lumps and fines for the second consecutive month for May supplies, company sources said on Monday, May 11.
The sources said that prices have been cut by INR 400/mt ($5.29/mt) and that the effective prices for current month deliveries will be INR 2,250/mt ($29.80/mt) for lumps and INR 1,960/mt ($25.96/mt) for fines, excluding all taxes and mandatory levies.
The price cut is aimed at boosting volume sales, which have seen a sharp fall owing to the national lockdown since March 25, sources said. NMDC has reported a 49 percent fall in April sales to 1.38 million mt compared to the corresponding month of previous year, while production during the month was down 38 percent year on year to 1.8 million mt.
$1 = INR 75.50