NMDC slashes iron ore prices by Rs 200 per tonne

National Mineral Development Corporation (NMDC) has cut the costs of iron ore by Rs 200 per tonne with the fall in steel prices. Iron ore is the primary raw material for making steel. Any adjustment in its prices has a direct impact on the rates of steel. NMDC said in a BSE filing that after the revision of price, one tonne of high-grade iron or lump ore would cost Rs 7,450 a tonne, while the buyers would get inferior grade ore or iron ore fines for Rs 6,360 per tonne. The company said that the revised prices exclude District Mineral Fund (DMF), cess, royalty, forest permit fee, National Mineral Exploration Trust (DMET) and other taxes. Additionally, it said that the fresh rates come into effect from 10 July. NMDC fixed the rates for fines at Rs 6,560 a tonne and for lump ore at Rs 7,650 a tonne on 6 June. Under the Ministry of Steel, NMDC currently produces around 35 mt iron ore annually from its three fully mechanised mines located in Karnataka and Chhattisgarh. Apart from that, the company is also involved in exploring other minerals like limestone, rock phosphate, dolomite, gypsum and copper. Image Source Also read: NMDC gets LoI for Bailadila iron ore mine in Chhattisgarh Also read: Steel production in India hit due to iron ore export to China