India's largest iron ore producer NMDC has slashed the price of lump ore and fines by INR 300 (USD 3.67) each per ton.
Effective November 17, the price has been fixed at INR 3,800 (USD 46.5) per ton of lump ore and INR 2,610 (USD 31.9) for the same quantity of fines, the company said.
The latest revision, with which the price is at the lowest thus far this fiscal, came amid NMDC reporting 62pct decline in consolidated net profit for the quarter ended September.
Iron ore production till October this fiscal for NMDC has been 19.71 mln ton as against 21.04 mln tons in the same period last fiscal. Sales were also lower at 19.44 mln tons as opposed to 22.08 mln tons in the same period last year.
The materials and information on this article have been prepared or assembled by Viet Nam Steel and are intended for informational purposes only