banner-1 Hon. Minister of Steel Sh. Narendra Singh Tomar
माननीय इस्पात मंत्री, श्री नरेंद्र सिंह तोमर
banner-1 Hon. Prime Minister of India
भारत के माननीय प्रधानमंत्री जी
banner-1 Hon. Minister of State for Steel Sh. Vishnu Deo Sai
माननीय राज्य इस्पात मंत्री, श्री विष्णु देव साई

India's NMDC cuts iron

India's NMDC cuts iron ore prices by 2-11% on month

India's National Mineral Development Corporation has cut iron ore prices by 2-11 percent for October from September after a request from domestic steel makers, which have been slashing capacity due to lack of the raw material, a company source told Reuters. 

"There was a demand from domestic steel manufacturers to reduce prices, so this was done to support them," the source at the country's biggest iron ore miner said on condition of anonymity. 

Steel makers have faced challenges in obtaining iron ore, an important steel making ingredient, because domestic production has been reduced by mining bans in key iron ore producing states like Karnataka and Goa. That has forced them to turn to expensive imports.