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India’s largest iron ore producer cuts ore prices for 3 consecutive months

Affected by the decline in international iron ore prices, India’s largest state-owned iron ore producer, National Minerals Corporation of India (NMDC), has lowered its iron ore prices for three consecutive months.
It is reported that NMDC has lowered its domestic iron ore price by 1,000 rupees/ton (approximately US$13.70/ton). Among them, the company lowered the price of lump iron ore with 65.5% iron to Rs 6,150/ton, and the price of fine ore with 64% iron to Rs 5160/ton, but the current price is still higher than that in 2020. The increase was 89% and 74% respectively.
A Mumbai-based analyst said: “In view of the sharp drop in iron ore prices on the Dalian Iron Ore Futures Exchange in China, this price drop is in line with market expectations.”
It is reported that in August, NMDC’s iron ore output increased by 88.9% year-on-year to 3.06 million tons; sales volume increased by 62.6% year-on-year to 2.91 million tons.


Post time: Sep-28-2021
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