NMDC keeps iron ore prices unchanged for September
PTI reported that state owned iron ore producer NMDC has kept prices unchanged for both the varieties of ore lumps and fines for the current month, amid continuous slump in demand.
Accordingly, iron ore lumps will be sold at INR 4,200 per tonne and fines at INR 2,510 per tonne. Iron ore lumps are of a higher grade, with Fe content of 63% to 65%. Fines are of lower grade with Fe content of less than 60%.
In past one year NMDC, the largest domestic producer of iron ore has either reduced the ore prices on a monthly basis or kept them unchanged as demand has been subdued.
The slowdown in Indian economy also had a trickle down effect on the market as growth in steel demand has been subdued due to end users such as construction, automobiles and fast moving consumer durables running below their optimum capacities. This has led to continuous slump in iron ore demand, thereby affecting the profits of NMDC.