Indian iron ore miner, NMDC Limited has cut prices of iron ore lumps and fines for deliveries effective from July 12, according to a regulatory filing of the company on Tuesday, July 12.
The revised price for lumps is INR 3,900/mt ($49.11/mt) ex-pithead after a cut of INR 500/mt ($6.30/mt) and the effective price of fines is at INR 2810/mt ($35.39/mt) ex-pithead after a cut of INR 600/mt ($7.56/mt).
The 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.
Despite a similar hefty series of price cuts in May and June, NMDC’s sales volumes in the April-June quarter declined by 20 percent to 7.7 million mt.
$1= INR 79.40