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The iron ore and fines prices have been reduced by ₹200 and ₹250 per tonne, respectively, by the state-owned NMDC. According to NMDC's exchange filing, the rates for lump ore have been revised to ₹5,800 per tonne, and the rates for fines have been revised to ₹5,060 per tonne.
Prices are effective as of Thursday and exclude royalty, District Mineral Fund (DMF), National Mineral Exploration Trust (DMET), cess, forest permit charge, and other taxes, according to the company.
The most recent price adjustment, which was made public on January 24, saw the corporation set the prices for lump ore at ₹6,000 per tonne and fines at ₹5,310 per tonne.
Lump ore, or high-grade iron ore, contains 65.53 % Fe (iron), while fines are inferior-grade ore with 64 % and less Fe content. Iron ore is one of the key raw materials used in steel manufacturing, and any movement in its prices directly impacts steel rates. Steel is an alloy widely used in construction, infrastructure, automobiles, and railways.
Hyderabad-based NMDC (formerly known as National Mineral Development Corporation) under the Ministry of Steel contributes around 20% to India's total iron ore production.
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