Country’s largest iron ore maker, NMDC has decided to slash iron ore price by up to 11 per cent for October, a development that would benefit steel producers. The move of slashing iron ore prices is in backdrop of dwindling price of iron ore globally following a slump in demand from China, which produces around half of world's steel. Further, deviating from its earlier practice of fixing price for three-month period, the state run company would now set the price on monthly basis. The two important decisions of slashing iron ore prices and fixing the prices monthly, were taken by the company in its board meeting held on October 8, 2012.
Late in August, the company hiked iron ore price by 8-13% for the July-September period, with an aim to take benefit of the current demand-supply mismatch scenario in the market. The company raised raw material prices for the second consecutive quarter in this fiscal. During the last quarter, it had raised iron ore prices by 8-10% on increased demand and lower availability.
| Company Name | CMP |
|---|---|
| Coal India | 438.70 |
| NMDC | 89.78 |
| GMDC | 733.40 |
| Sandur Manganese | 218.35 |
| MOIL | 327.60 |
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