NMDC down in the red
NMDC is down in the red today morning, slipping over 3.5% to Rs.129, with an intra day low of Rs.127.70.
The stock has slipped, reacting to the company reducing iron ore prices on Saturday, 18th April. It reduced prices of iron ore fines by 20% or by Rs.500/tonne to Rs.1960/tonne and that of lump ore by 6.1% or by Rs.200/tonne to Rs.3050/tonne. The reduction in prices is effective from April 18.
There has been pressure on NMDC for some time from steel makers to bring down the prices, expecting a price war of sorts to be unleashed due to huge imports coming in. Sluggish demand in domestic market and rising imports from Russia and China is affecting the industry.
NMDC is a Govt of India company and is under administrative control of the Ministry of Steel.