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Press Trust of India reported that Indian iron ore giant NMDC has decided to cut iron ore price by up to 11% for October

 

 Deviating from its earlier practice of fixing price for three month period, MNDC in its board meeting also decided to set the price on monthly basis.

 

 NMDC Chairman Mr CS Verma told PTI “We have taken two important decisions today. First, from henceforth, price will be determined on monthly basis. We have also decided to lower the prices by 2% to 11% depending on the variety of iron ore.”

 

 Domestic steel firms had in recent times accused NMDC of charging higher prices for the domestic firms, while exporting at lower rates.

 

 NMDC had in August announced a hike in the contract price of iron ore by 8% to 13% for the July to September period. During the April-June quarter also, it had raised the price by 8% to 10%.

 

 Following the hike in August, price of lumps with 65% iron content has gone up to INR 6,100 a tonne and up to INR 3,000 a tonne for fines containing lesser iron