Indian state-run miner NMDC Limited has cut prices for iron ore lumps and fines for current month deliveries, SteelOrbis has learned from industry sources on Friday, August 6.
According to the sources, NMDC has cut its price of iron ore lumps by INR 300/mt ($4/mt), taking the effective price to INR 7,150/mt ($96.36/mt) ex-pithead.
The price of iron ore fines has been lowered by INR 200/mt ($2.69/mt) to INR 6,160/mt ($83/mt) ex-pithead.
The new prices are exclusive of royalty and mandatory payments to District Mineral Fund (DMF), National Mineral Exploration Trust (NMET), cess, forest permit fees and other statutory payments
According to the sources, domestic prices have been lowered factoring in the international trend, particularly the sharp declines in prices and demand of iron ore in China.