NMDC, a state-owned iron ore producer is planning to slash iron ore prices by up to 11% for November, which will benefit steel producers. Pursuant to which, price of iron ore lumps would lessen by 11%, while the iron ore fines prices will get reduced by 3%.
As per the revision, average price for lumps with 65% iron content will be about Rs 5,400 per tonnes and average price of fines, which have iron content of less than 60%, will now be at Rs 2,600 per tonne. The iron ore producer, which has a 40% share in domestic market, had reduced prices by upto 11% last month also.
