NMDC, a state owned miner has reduced the prices of iron ore lumps by 5.9 per cent or Rs 320 a tonne for the current month in line with cheaper offers from private miners in Odisha.
There is much more to cheer for steel makers in India, specially after recovering steel demand followed by cut in raw material prices. Sponge manufacturers mention this a good move by NMDC. This will help many small and medium players to participate in auction conducted by NMDC.
After reduction prices are at Rs 5080/t (basic,Royalty extra) for lumps and Rs 2,610/t (basic,Royalty extra).
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