NMDC Cuts Iron Ore Prices, Shares Slump

NMDC shares slumped over 4.5 per cent on Monday following the state-run miner's decision to slash iron ore prices aggressively in the wake of falling global prices. NMDC last week cut prices of iron ore fines by 20 per cent and lumps by 6.1 per cent to Rs 1,960 per tonne and Rs 3,050 per tonne in a surprise mid-month review. Analysts say NMDC will have to reduce prices further because of the plunge in global iron ore prices. Spot ir...