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.

According to the sources, the price rollback would be in line with worldwide developments where iron prices have crashed by over 50 percent in the previous three months.

The sources further revealed that the move would come as a short respite for steel manufactures such as Ispat Industries, Essar Steel, JSW Steel and Rastriya Ispat Nigam Ltd (RINL) which have long term supply pacts with NMDC.