National Mineral Development Corporation (NMDC) informed that it has decided to cut prices of iron ore by 40 percent due to the sharp decline in demand from steel manufacturers.

In October, NMDC enhanced prices of various types of iron ore by around 40%.

While discussing the business proposals of the company (NMDC), the board members revealed that they will also cut down iron ore prices for the domestic consumer.

India's major miner, state-run National Mineral Development Corporation (NMDC), has announced that it has clinched a memorandum of understanding (MoU) with West Bengal Mineral Development and Trading Corporation (WBMDTC).

According to the sources, the pact is inked to explore, develop and mine coal at Deocha-Pachami block in Birbhum district, which has a reserve of two billion ton.

The sources further revealed that NMDC will pump about Rs 10 billion for the project. It will be a 50:50 joint venture (JV) with WBMDTC.