NMDC cuts ironore’s base price by Rs 300 per tonne

After a long-drawn battle with Karnataka’s steel producers, the state-owned National Mineral Development Corporation (NMDC) Ltd has cut the base price of iron ore by Rs 300 per tonne. Steelmakers of the southern state have welcomed the snip in the floor price, but said there was a need for further correction in ore prices to bring it at par with prices in Chhattisgarh and Odisha. There has been a stand-off between the steel producers and miners over pricing of ore for some time now.  The former has accused the latter of taking advantage of shortage and charging a premium on the commodity. Miners, on the other hand, have alleged that with steel producers lifting iron ore from other states, they were finding it difficult to find buyers for their ore stock at auctions in Karnataka.