Stock of state-run NMDC tumbled 1.5 per cent in early trade on Thursday after the company reduced the prices of iron ore lumps.
A PTI report quoting sources said NMDC has reduced the prices of iron ore lumps by 5.9 per cent or Rs 320 a tonne for the current month mainly to align the rates with the landed cost of the imported raw material. The stock was trading at Rs 165.15, down 1.58 per cent at 10.00 a.m.
“At a board meeting here, NMDC, however, decided to keep the price of fines, which have less iron content, unchanged at Rs 2,610 per tonne,’’ the report added.
There were expectations that the company is likely to hike the prices of iron ore in January, as global ore prices rallied strongly this month in the wake of a demand revival from China.
Global iron ore prices hit an eight-month high this week, after being under pressure during the last few months.