India's NMDC, a state-run iron ore producer, announced on 3 December that it has revised its sales prices of iron ore per ton, effective retroactively to 1 December: The price of lump has been lowered by 300 rupees (Rs) (approx. $4.26, at $1= Rs 70.36) to 3,550 rupees (Rs) (approx. $50.45, at $1= Rs 70.36), so has the price of fines by the same margin to Rs 3,110 (approx. $44.20). This is NMDC's first simultaneous price cuts in 8 months (since 18 April 2018). With this revision, the lump premium has shrunk to Rs 440 ($6.25) from Rs 540 ($7.67) in the previous month.|
The prices do not include Royalty, the District Mineral Foundation (DMF), Forest Permit Fee, and taxes, and are on FOR (free on rail) basis. NMDC is engaged in steel-making resources of iron ore, coal, and lime, as well as diamond business, and is eager on development of resources overseas and securing the country's interests.