Source says NMDC cuts iron ore product prices by INR50/t for Mar
2020-03-16 09:14:15 [Print]
NMDC Ltd. has cut prices of its iron ore products by INR50/t for March supplies with immediate effect, a source revel.
After the price cut, NMDC will sell iron lumps at INR3,150/t and fines at INR2,860/t.
NMDC's committee on pricing met late last Friday and decided to take a marginal price cut, as miners in Odisha are reducing prices in view of the demand-supply dynamics in the country, the source said.
In January, NMDC had announced two price hikes, a combined increase of around INR600/t, as demand for the iron ore from domestic steel mills improved.
However, the demand softened in recent weeks and competition from miners in Odisha has also increased, the source said.
NMDC reviews iron ore product prices on a monthly basis, factoring in domestic demand and supply, and global price trends.
After the price cut, NMDC will sell iron lumps at INR3,150/t and fines at INR2,860/t.
NMDC's committee on pricing met late last Friday and decided to take a marginal price cut, as miners in Odisha are reducing prices in view of the demand-supply dynamics in the country, the source said.
In January, NMDC had announced two price hikes, a combined increase of around INR600/t, as demand for the iron ore from domestic steel mills improved.
However, the demand softened in recent weeks and competition from miners in Odisha has also increased, the source said.
NMDC reviews iron ore product prices on a monthly basis, factoring in domestic demand and supply, and global price trends.
