NMDC falls 3% on price cuts in key products

NEW DELHI: Shares of mining firm NMDC cracked 3 per cent on the BSE in Thursday's session after reports emerged that the company had undertaken price cuts in key products.

ET Now reported that the company had cut prices of iron ore fines by Rs 300 per tonne and lumps by Rs 350 per tonne. NMDC product prices are at a 9-month low for now.

The move has come in the wake of Odisha miners having started ramping up production significantly while utilising their EC (environment clearance) capacity for the year.


The recent ramp up by Odisha mining firms have been putting pressure on domestic prices.

Notably, Odisha is the top iron ore producer which marked 102 million tonnes of output in the year 2017-18.

Shares of NMDC traded 3.04 per cent down at Rs 93.95 around 1:35 pm.