NMDC cuts down iron ore prices by Rs 500 a tonne

For the first quarter of the current fiscal, production stood at 9.19 MT (10.70 MT) and sales at 10.07 MT (11.15 MT).

NMDC cuts down iron ore prices by Rs 500 a tonne

State-owned mineral company,  NMDC has reduced iron prices by Rs 500 per tonne for lump ore as well as fines with effect from June 30. The first reduction in the price of the key raw material for steel this fiscal year by NMDC follows two consecutive months of upward revisions.

In the previous update, effective May 28, NMDC had set the price per tonne at Rs 6,450 for lump ore and Rs 5,610 for fines. On April 27, it fixed the lump ore price at Rs 6,200 and that of fines at Rs 5,260, which translates to an increase of Rs 400 and Rs 200, respectively.

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The price of iron ore decreased, even though NMDC reported a year-on-year decline in both iron ore production and sales for June. In June, the production was 3.37 million tonnes, down from 3.48 million tonnes in the same period last year. Sales for June were 3.73 million tonnes compared to 4.10 million tonnes in the previous year. For the first quarter of the current fiscal, production stood at 9.19 MT (10.70 MT) and sales at 10.07 MT (11.15 MT).

 

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