State-owned NMDC has reduced iron prices by ₹600 per tonne for the lump ore variety and ₹500 for fines with effect from August 7.

Post the change, lump ore costs ₹5,350 per tonne and fines ₹4,610, a filing by the company on Thursday showed. This is the second consecutive downward revision of the prices this fiscal by India’s largest iron ore producer.

In the previous revision effective June 30, NMDC had slashed lump ore and fines prices by ₹500 a tonne each to ₹5,950 and ₹5,110 respectively.

The reduction came on the back of upward revision in prices of the key raw material for steel for two consecutive months by the company.

Effective May 28, NMDC had fixed the price per tonne at ₹6,450 for lump ore and ₹5,610 for fines. On April 27, it had set lump ore price at ₹6,200 and that of fines at ₹5,260, which translated into an increase of ₹400 and ₹200 respectively. These are FOR prices and inclusive of royalty, DMF, NMET and exclusive of cess, forest permit fee, transit fee, GST, environment cess and other taxes.

NMDC shares on Thursday closed 2.58% lower at ₹223 apiece on the BSE.