NMDC slashes iron ore prices
State-owned miner NMDC has reduced the prices of iron ore lumps and fines for the fourth time in four months. The company cites a strategy to support domestic steel demand and infrastructure growth despite recent price fluctuations.
Why it matters
As a major raw material supplier, NMDC's pricing adjustments directly impact the cost structures of India's steel manufacturing sector.
State-owned miner NMDC has reduced iron ore prices by ₹250 a tonne for Baila Lump and by ₹150 for the same quantity of Baila Fines effective July 10.
The new, per tonne prices have been set at ₹5,450 for Baila Lump and ₹4,700 for Baila Fines and are freight on road/rail (FOR) prices exclusive of royalty, DMF, NMEDT, cess, forest permit fee, transit fee, GST, environmental cess and other taxes, the company said on Friday.
The latest revision is the fourth in as many months this fiscal. India’s largest iron producer, NMDC had during the previous revision on June 3 increased prices of the key raw material for steel by ₹200 to ₹5,700 for Baila Lump and by ₹150 to ₹4,850 for Baila Fines.
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