India’s largest merchant iron ore miner, NMDC, has reduced the prices of its key iron ore products effective 22 October 2025. The company has fixed rates of DR CLO (10–40 mm, Fe 67%) at ₹6,200/t ($71/t) and iron ore fines (-10 mm, Fe 64%) at ₹4,750/t ($54/t), marking a drop of ₹650/t ($7/t) and ₹500/t ($6/t), respectively. Prices are on a FOR basis from the Bacheli complex and include royalty, DMF, and NMEDT. This is the first price revision since August 2025. The move comes after NMDC has achieved record operational performance, produced 3.75 MT and sold 3.88 MT of iron ore in September 2025, up by 23% and 10% y-oy basis. In H1 FY26, production rose 27% to 22.20 MT, and sales increased 12% to 22.25 MT, marking the company’s best-ever half-yearly performance.

NMDC's price cut highlights the weak sentiment in the steel market and the slowdown in demand, despite achieving strong operational results recently. Indian steel prices fell week-on-week (w-o-w), concurrently hitting multi-year lows continue to be impacted by an extended monsoon season, festive slowdown, and high inventories. Additionally, pellet offers in Raipur fell ₹400/t ($5/t). Finally, OMC's September iron ore auction results were lower than expected, where bids fell month-over-month (m-o-m) by up to ₹350/t ($4/t) m-o-m. NMDC aligns with the broader correction across the steel and raw materials market during this pre-Diwali timeframe.