NMDC slashes iron ore prices by ₹350 a tonne 

State-owned miner NMDC has reduced iron ore prices by ₹350 per tonne, for both lump and fines, effective January 9.

Consequently, lump ore costs ₹6,000 per tonne and same quantity of fines ₹5,060, the company on Thursday said in filing on price of the commodity from its Baila mine. These are freight on road/rail (FOR) prices and inclusive of royalty, DMF, and NMET, and exclusive of cess, forest permit fee, transit fee, GST, environmental cess and other taxes.

In the previous price revision on October 23, NMDC had increased prices of the steel raw material by ₹600 per tonne of lump to ₹6,350 and by ₹400 for the same quantity of fines to ₹5,410.

Nod for arm at GIFT City

Meanwhile, NMDC is planning to set up a subsidiary at GIFT City in Gujarat and open liaison offices in Dubai as well as Brisbane/Melbourne, Australia.

In a filing on Wednesday, after a board meeting, the company said the board had accorded in-principle approval for incorporation of a wholly owned subsidiary at GIFT City and the opening of the liaison offices subject to approval of the Ministry of Steel, DIPAM, and any other authority as required.