NMDC Slashes Iron Ore Prices Amid Global Downturn

22 Mar 2024 , 09:33 AM

NMDC Ltd., a state-run entity, has announced a reduction in prices for both lumps and fines, with a cut of ₹200 per tonne for lumps and ₹250 per tonne for fines, as disclosed in an exchange filing.

The revised prices stand at ₹5,800 per tonne for lumps and ₹5,060 per tonne for fines. This marks the first price adjustment made by NMDC since August 2023.

CNBC-TV18 previously reported on NMDC’s decision to lower prices following a 25% decline in global iron ore prices.

Iron ore has experienced a downturn, primarily due to concerns over demand in China, where the property sector, heavily reliant on steel, has faced an enduring crisis. Consequently, some mills have curtailed production.

Accumulation of iron ore stocks at Chinese ports, reaching 140.9 million tons recently, indicates an abundance of supply, marking the highest level in over a year.

At the time of writing, the stock were trading at ₹208.50 which is a 0.34% gain than the previous close.

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