India Steel Market Watch
October 5: State-run miner NMDC has slashed prices of iron ore fines by more than 52% to Rs 1,460 per ton for the current month as compared with Rs 3,060 a ton in January this year as it faces subdued ore demand.
The price of the higher grade iron ore (lumps) has been reduced by 41 per cent to Rs 2,500 per ton for October 2015 compared with Rs 4,200 a ton in January this year.
Considering the global iron ore supply-demand scenario, analysts are of the view that a further downward revision in prices by NMDC is possible in the near term
NMDC saw its sales go down 17% to 11.27 million tons (mt) for April-August period this fiscal from 13.57 mt.