Informist, Monday, Jul 1, 2024

--Source: NMDC iron ore pdts price cut due to weak demand

--Source: NMDC cuts iron ore pdts prices by 500 rupees/tn for July

By Narayana Krishna

HYDERABAD - Public sector iron ore major NMDC Ltd has reduced the prices of its iron ore products by 500 rupees per tn for July supplies, a source told Informist. After the price cut, NMDC will sell its iron ore lumps at 5,950 rupees a tn while fines will be sold at 5,110 rupees a tn, the source said.

NMDC's internal panel on pricing met on Saturday and took a decision to cut prices, the source said. Weak demand from domestic steel mills and a drop in iron ore prices in global markets led to price cuts for the month, the source said. On May 28, NMDC had increased the price of iron ore lumps by 250 rupees a tn to 6,450 rupees and that of fines by 350 rupees a tn to 5,610 rupees.

NMDC reviews its iron ore product prices every month based on domestic demand and global price trends. At 1051 IST, NMDC's shares were at 250.80 rupees on the National Stock Exchange, up 1.9% from the previous close. End

IST, or Indian Standard Time, is five-and-a-half hours ahead of GMT

Edited by Avishek Dutta

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