At Friday's e-auctions, NDMC had fixed a base price of Rs 4,500-5,000 per tonne, depending on the grade of iron ore (a mix of calibrated ore and fines, with 63-64 per cent Fe)

Despite state-owned mining major NMDC announcing a cut in iron ore prices, steel companies haven't shown much interest in buying the company's ore at e-auctions on Friday. Of the 1.02 million tonnes (mt) auctioned by NMDC, steel firms bought only 1,72,000 tonnes.