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NMDC reduces iron ore prices by ₹300 a tonne

The state-owned NMDC has reduced iron ore costs by $300 per tonne.

The company announced in a stock exchange filing on Wednesday that the lump ore price has been set at 4,650 with effect from August 15 and the fines price at 3,910.

These are the per-tonne FOR (freight on rail/road) rates, which include royalty, DMF, and NMET but exclude cess, forest permit fee, transit fee, GST, environmental cess, and other taxes.

The mining major had hiked the pricing in the previous revision, which took effect on July 18, by 1,050 dollars per tonne for lump ore to $4,950 and by 650 dollars for the same amount of fines to $4,210. It was the first increase in the current fiscal by India’s largest iron ore producer.

A fluctuation in the price of iron ore, a crucial raw ingredient for making steel, indicates how much demand there is for the final product. NMDC shares closed 1.14% lower at ₹117.20 each on the BSE.

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