The country's largest iron ore miner NMDC has slashed prices of higher grade iron (lumps) by Rs 100 to Rs 2,300 per tonne for the current month.
The state-run firm has also cut the prices for iron ore fines, which are inferior grade ore, by Rs 100 to Rs 2,060 per tonne for the month of October.
"The prices of iron ore w.e.f October 5, 2017 have been fixed at lump ore @ Rs 2,300 per tonne and fines @ Rs 2,060/- per tonne," the company said.
The revised prices exclude royalty, DMF (District Mineral Fund), NMET (National Mineral Exploration Trust), cess, forest permit fee and other taxes.
In September, the company had fixed the prices of lump ore at Rs 2,400 per tonne and of fines at Rs 2,160 per tonne.
"The fall in the prices of lump ore and fines have been due to various factors including fall in international prices of iron ore," a company official told PTI.
Iron ore is the main ingredient used in making steel. NMDC is the country's single largest iron ore producer, presently producing about 30 million tonnes of iron ore from three fully mechanised mines.
The company is involved in the exploration of wide range of minerals including iron ore, copper, rock phosphate, lime stone, dolomite, gypsum, bentonite, magnesite, diamond, tin, tungsten, graphite, beach sands etc.
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