India's largest iron ore producer, the state-controlled NMDC, lowered its iron ore prices for the second time in two weeks after the government imposed high export duties on raw materials.
Since the price cut on May 25, NMDC has lowered its local prices by Rs 1,100/tonne ($14/t) for 65.5% Fe lump ore and Rs 3,310/ton for 64% Fe 10mm powder.
The Government of India has imposed 50% export duty on all grades of iron ore and concentrate and 45% export duty on iron ore pellets from 22 May to increase raw material availability and curb inflation.
Tuber ore prices fell 42.5 percent year on year, while quality iron ore prices fell 49.5 percent year on year. The daily Argus ICX 62% iron ore index stood at $145.85 per dry metric ton today, down 28% from last year.
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