NMDC, the state-owned miner has reduced the prices of higher grade iron ore (lumps) by about 7% for the current month. The company has reduced iron ore lump prices for the fifth time since last October. After this reduction, iron ore lumps will be available in the range between Rs 4,600 and Rs 4,700 per tonne, while fines are currently being sold at Rs 2,610 per tonne.
However, the company has not revised the price of iron ore fines (lower grade) for the second month in succession. Last month, the company had lowered the price of lumps by about 2.5%. With this initiative, local steel makers, those without captive iron ore mines, will be benefited the most because of the price reduction of iron ore lumps (having iron content of 62 per cent or above).
