The country's largest iron ore miner, the National Mineral Development Corporation, has lowered the costs of lump ore and fines by Rs 50 per tonne.
NMDC reduced the price of lumps or high-grade iron ore by Rs 50 to Rs 3,150 per tonne, the company told BSE on Monday. The price of iron ore fines, which are inferior quality ore, has also been decreased by Rs 50 to Rs 2,860 per tonne.
The revised prices exempt royalties, DMF (District Mineral Fund), NMET (National Mineral Exploration Trust), cess, forest permit charge, and other taxes, NMDC said, adding that the new rates would be applicable from 14 March 2020.
It is NMDC's third price revision in 2020. The last change was rendered on 19 January, when the NMDC raised the price of lumps to Rs 3,200 per tonne, up to Rs 400 from Rs 2,800 per tonne fixed on 2 January 2020.
The price of fines was also raised by Rs 350 to Rs 2,910 per tonne from Rs 2,560 per tonne fixed by NMDC on 2 January 2020.
NMDC extracts around 35 million tonnes of iron ore from three completely mechanized mines.
National Mineral Development Corporation Limited, a public sector undertaking (PSU) under the administrative authority of the Ministry of Steel, is also engaged in the discovery of a broad variety of other minerals, including copper, rock phosphate, magnesite, diamond, tin, tungsten, graphite, limestone, dolomite, gypsum, bentonite, beach sand, and others.