NMDC Limited, the state-owned iron ore miner, has cut iron ore prices by 11 to 13 per cent for the month of March.
As result, the iron ore lumps are priced at Rs 3,250 per tonne for March, down Rs 500 or 13 per cent from Rs 3,750 per tonne in February. The price of iron ore fine was also reduced by Rs 300 or 11 per cent to Rs 2,460 per tonne from Rs 2,760 last month.
This is the second consecutive month that NMDC has gone for a price cut. In February, it reduced the prices by up to 11 per cent.
Though the company has not given any specific reason for cutting prices, plunge in prices of iron ore in global markets might have prompted the company to go for the revision.
Meanwhile, the company's iron ore production for the 11- month period ending February 2015 stood at 27.82 million tonnes as compared to 26.42 million tonnes in the same period previous year. However, sales have witnessed marginal rise to 27.25 million tonne as compared with 27.13 million tonne a year ago, the company said in a release.
Source: The Hans India
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