NMDC slashes lump ore price to Rs 5,350/tonne, fines to Rs 4,610/tonne: Report

Fines prices were lowered from Rs 5,610 per tonne to Rs 5,110 per tonne.

NMDC, India’s largest iron ore producer has lowered the price of iron ore lump by Rs 600, bringing it down to Rs 5,350 per tonne from Rs 5,950 per tonne. Similarly, the price of iron ore fines has been reduced by Rs 500, now set at Rs 4,610 per tonne, down from Rs 5,110 per tonne, according to sources cited by CNBC-TV18.

This price cut follows an earlier adjustment in early July, when NMDC had already reduced lump ore prices from Rs 6,450 per tonne in June to Rs 5,950 per tonne. At the same time, fines prices were lowered from Rs 5,610 per tonne to Rs 5,110 per tonne.

The company reported an 11% year-on-year decline in iron ore production for July, with output falling to 2.17 million tonnes from 2.44 million tonnes in the same month of the previous fiscal year. For the April-July period, NMDC’s cumulative iron ore production decreased to 11.36 million tonnes from 13.15 million tonnes year-over-year. Despite the drop in production, sales for the period saw a slight increase to 13.15 million tonnes, compared to 13.13 million tonnes in the previous year.

NMDC, based in Hyderabad, remains a major supplier, meeting approximately 20% of the country’s demand for iron ore, a critical raw material for steel production.