NMDC cuts iron ore prices due to weak steel market, despite overall rise in mineral production.

NMDC, a state-owned iron ore producer in India, has reduced prices for iron ore lump and fines due to a weak domestic steel market. The price cuts follow a recent auction where over 95% of iron ore remained unsold. Despite this, India's iron ore production rose 0.6% to 53 million metric tonnes in April-May, along with growth in aluminum and copper production, indicating strong demand in sectors like construction and energy.