[SMM Iron & Steel] NMDC India Implements Substantial Iron Ore Price Cuts

Published: Jan 23, 2026 18:16

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Despite global iron ore prices trading near $107–$109 per tonne, India's state-owned miner NMDC announced significant domestic price reductions effective in January 2026. Prices for Baila Lump (65.5% Fe) were cut by ₹1,000 to ₹4,600 per tonne, and Baila Fines (64% Fe) were reduced by ₹850 to ₹3,900 per tonne. This divergence between domestic and international pricing reflects a focus on supporting the domestic steel industry's expansion and ensuring competitive raw material costs for local mills.

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