The Public Sector Giant, National Mineral Development Corporation (NMDC), has reduced the prices of iron ore fines by 20% for the remaining days of the current month. NMDC was reviewing prices at the beginning of every month. In recent years, this is the first time that NMDC has reduced prices of iron ore in the middle of a month. The prices of iron ore fines are reduced by Rs 500 per tonne to Rs 1,960 per tonne and lumps prices are down by Rs 200 per tonne to Rs 3,050 per tonne.

According to the press release, these prices will be effective from April 18 till the end of this month. NMDC was under pressure after it kept the prices unchanged in April, even after a huge fall in global prices. The industry body The Associated Chambers of Commerce (Assocham) of India has urged the Centre to reduce the prices to help the domestic steel industry become competitive.

Tidbits

1. China is the largest producer of iron ore in the World followed by Australia, Brazil, and India. 
2. NMDC is owned by the Government of India and is under administrative control of the Ministry of Steel.
3. NMDC was incorporated in 1958 as a Government of India fully owned public enterprise.
4. NMDC is country’s largest iron ore producer and exporter producing about 30 million tons of iron ore from mines in Chhatisgarh and Karnataka.
5. Narendra Kothari is the current Chairman and Managing Director of NMDC.
6. Narendra Singh Tomar is the current Minister for Steel and Mines.