Corona Virus: NMDC reduced iron ore prices by 1.5%
On March 16, 2020, the National Mineral Development Corporation announced that the prices of iron ore is to be reduced by 1.5%. The Corporation is taking such measures predicting decline in iron ore demands due to the threats of Corona virus.
The steel prices in India reduced in 2019 due to economic slowdown. The demand of steel in the country reduced greatly and affected the supply chain greatly. The prices of iron ore was the lowest in 2019.
National Mineral Development Corporation
The National Mineral Development Corporation was founded in 1958. The Corporation operates under Ministry of Steel. It is involved in theexploration of graphite, irone ore, rock phosphate, gypsum, limestone, tungsten, bentonite, dolomite, etc.
In 2018, NMDC announced that it is to undertake mining in Australia by acquiring majority stakes in projects of the country.
Iron Ore in India
India is the largest producer of iron ore in the world. Today, India exports more than 35 million tonnes of iron ore.
Category: Economy & Banking Current Affairs