The State-owned National Mineral Development Corporation (NMDC) announced on Wednesday that it had reduced iron ore prices, as part of a revision that has taken place after three months.
The miner has slashed prices of Baila Lump by ₹550 per tonne, and those of the same quantity of Fines by ₹500, with immediate effect.
It has also fixed the price of lump ore at ₹5,550 per tonne, and that of fines at ₹4,750 a tonne, the country’s largest iron ore miner said in a regulatory filing.
These are FOR prices, inclusive of royalty, DMF, NMET, and exclusive of cess, forest permit fee, transit fee, GST, environmental cess and other taxes.
Lump ores or high-grade iron ores contain 65.5 per cent iron content, while fines are inferior-grade ores with 64 per cent or less iron content.
The miner had previously reset the prices on August 1 to ₹6,100 per tonne for Baila Lump and ₹5,250 per tonne for Baila Fines.
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“The prices of iron ore were not reviewed for past two months. The domestic steel market, which is a consumer, remained under acute pressure, as prices continued on their downward trajectory,” market research firm BigMint said.
Iron ore is one of the key raw materials used in the manufacturing of steel, and any movement in its prices has a direct impact on rates of steel, an alloy widely used in segments like construction, infrastructure, automobile and railways.
The latest revision is the fifth this financial year, and the sixth since January. In 2025, NMDC changed the price on January 9 to ₹6,000 for the Lump variety and ₹5,060 for the Fines. The next revision took place on May 1, with the Lump priced at ₹6,400, and the Fines priced at ₹5,500. Thereafter, the prices were reduced on June 4, to ₹6,300 and ₹5,350; and on July 1 to ₹5,700 and ₹4,850.
The miner also reported earlier this month that its production increased 27 per cent to 22.20 million tonne for the first six months that ended in September, compared to 17.47 MT a year earlier. NMDC is now eyeing 55 MT iron ore production, which, if achieved, will be a new record in the current fiscal.
Hyderabad-based NMDC (formerly known as National Mineral Development Corporation) under the Ministry of Steel, contributes around 20 per cent to India’s total iron ore production.
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