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Business EconomyPosted at: Apr 18 2015 4:53PM


NMDC slashes iron ore prices by 20 per cent

New Delhi, Apr 18 (UNI) Iron ore major, NMDC Ltd today said it has reduced iron ore prices by up to 20 per cent for the remaining days of this month. The prices have been reduced by Rs 500 to Rs 1,960 per tonne for iron ore fines and for lumps by Rs 200 to Rs 3,050 per tonne, the company said in a BSE filing. "The revised prices will be effective from April 18 till the end of this month," it said. Recently, industry bodies also urged the centre to reduce the prices to help domestic steel industry become competitive. Till now, NMDC reviewed prices of steel at the beginning of every month and this is the first time in recent years that it has reduced prices in the middle of a month. Prices of iron ore have come down globally and the state-owned mineral producer has to align prices with international prices. UNI PY KU BL1652
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