NMDC reduces iron ore prices by 400 per tonne

: NMDC limited has reduced the

prices of iron ore both Lumps and Fines by Rs 400 per tonne and DRCLO (DR Calibrated Lump Ore) by Rs 470 per tonne, the miner said on Wednesday.

Earlier on April 4, NMDC had reduced the price of iron ore by Rs 500 per tonne and DRCLO by Rs 580, a company release said.

After the reduction, Lumps and Fines are now priced at Rs 2,250 and Rs 1,960 per tonne respectively whileDRCLO at Rs 2,610, a senior official of NMDC saidadding the reduction was effective from May 9.

This reduction in the prices of iron ore has given a lot of relief to the steel companies, especially sponge iron based steel companies of Chhattisgarh and NMDC has considered the current market scenario of steel and iron ore and took informed decision to rationalize the prices, it said.

 

All major steel mills are running at reduced capacity because of depleted demand of end products.

Some merchant miners at Orissa, including OMC(Odisha Mining Corporation) reduced the iron ore prices by Rs 500 per tonne in their recently concluded auction, but still could not dispose of the entire quantity, NMDC said.

N Baijendra Kumar, CMD, NMDC said "The reduction in prices by NMDC has given a lot of relief to the steel companies and they appreciated this move of NMDC at this difficult juncture.