NMDC Slashes Iron Ore Prices Amid Market Pressure

State-owned NMDC has reduced prices for iron ore lump and fines, cutting them by Rs 550 and Rs 500 per tonne respectively. This decision, aimed to relieve market pressure, was announced after a two-month price review pause. The new prices impact the domestic steel market significantly.

State-owned NMDC announced on Wednesday that it has reduced the prices of iron ore lump and fines by Rs 550 and Rs 500 per tonne, respectively, effective immediately.

The new rates stand at Rs 5,550 per tonne for lump ore and Rs 4,750 for fines, as per a regulatory filing by India's largest iron ore miner.

This price adjustment comes after a two-month hiatus, driven by continued pressure on the domestic steel market due to falling prices.

(With inputs from agencies.)