India's NMDC cuts prices of iron ore lumps by 5.8 pct-source

Last Updated: Thu, Jan 03, 2013 06:40 hrs

MUMBAI, Jan 3 (Reuters) - India's state-run NMDC Ltd has cut prices of iron ore lumps for January by 5.8 percent on month but has kept the prices of fines unchanged, a source said on Thursday.

Most of the steel makers in India including JSW Steel and Essar Steel depend on NMDC to source iron ore, a key raw material in steel making, due to mining restrictions in key states like Karnataka.

NMDC, which accounts for about 15 percent of the iron ore mined in India, has over 40 percent of the market share. (Reporting by Siddesh Mayenkar; Editing by Anupama Dwivedi)

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