Public sector iron ore miner NMDC Ltd has decided to reduce the price of lumps, iron ore with iron (Fe) content of 65 per cent by 5.9 per cent.

The price for lumps will accordingly come down by Rs. 320 a tonne from the existing Rs. 5,380 to Rs. 5,060 for the current month. Contrary to expectations, the NMDC board, which met at New Delhi on Wednesday to review the existing prices in line with the global scenario decided to reduce the prices of lumps to align the rates with landing cost of imported raw material.