Sate-owned miner NMDC has slashed prices of higher grade iron ore (lumps) by about 2.5% for the month of March. This is the fourth reduction in price since October and with this initiative, company aims to increase its declining sales. However, the company has not changed the prices of iron ore fines (lower grade) for March.
State run company’s sales had dipped over 27% at Rs 2,047 crore and profit by over 30% at Rs 1,293 crore during the October-December quarter.