NMDC slash iron ore prices by Rs 300 a tonne

The country's largest iron ore producer NMDC has slashed prices of high-grade iron ore (lumps) by Rs 300 to Rs 3,550 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 200 to Rs 3,110 per tonne for December 2018.

The revised prices exclude royalty, DMF (District Mineral Fund), NMET (National Mineral Exploration Trust), cess, forest permit fee and other taxes.

For November, the company had fixed the lump ore prices at Rs 3,850 a tonne and rates of fines at Rs 3,310 a tonne.

Iron ore is the main ingredient used in making steel. NMDC produces 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, limestone, dolomite, gypsum, bentonite, magnesite, diamond, tin, tungsten, graphite, beach sands etc.