NMDC cuts iron ore prices by 250-300 rupees per tonne

18-December-2018

Public sector iron ore major NMDC has taken a price cut of 250-300 rupees per tonne on its iron ore products, effective today, a source told Cogencis.

The company has slashed the price of iron ore lumps by 300 rupees to 3,250 rupees per tn.

The price of iron ore fines was reduced by 250 rupees to 2,860 rupees per tonne, the source said.

This is the second time the company has taken a price cut in December due to pressure from domestic steel mills and falling prices in the market.

On Dec 3, NMDC had announced a price cut of 300 rupees per tonne and 200 rupees on lumps and fines, respectively.

Mining companies in Odisha reduced iron ore prices by 1,000 rupees per tonne on Dec 1, making them more attractive for steel mills to source iron ore from, the source said.

Following the move, NMDC had called for an emergency meeting on Wednesday to review its prices, the source said.

Source: COGENCIS