NMDC pauses on price cuts

State-controlled mineral producer NMDC has decided to pause on an earlier decision to cut prices. In the current financial year so far, it has cut by 5.15 per cent. The decision follows a fall in iron ore prices over recent weeks and rising production at NMDC. 

According to a Focus Economics report, “Ample supply and modest demand have caused iron ore prices to plummet this year and November’s price was 24.2 per cent lower on a year-to-date basis.” 

NMDC cut ore prices last month. Lump ore from October 5 was Rs 2,300 a tonne and fines at Rs 2,060 a