In a bid to bring rates in line with the landed cost of the imported raw material, state-run miner NMDC has slashed the price of iron ore lumps by 5.9% or Rs 320 a tonne for the current month. However, the company has kept the iron ore fine prices unchanged for the month of January.
Iron ore lumps and fines are two main variants of the raw material for steel-making, but most of the Indian steel makers use lumps for their operations in the absence of the necessary technology to use fined for iron making.
NMDC, India's top ore miner, accounts for about 15 per cent of iron ore mined in the country, with annual production capacity of 30 million tonnes.
