Shares of NMDC Ltd. declined on Thursday, October 23, after the firm cut its iron ore prices for lumps and fines, effecting Wednesday itself.

NMDC has cut its iron ore prices by ₹550 per tonne, or 9%, for lumps to ₹5,550 per tonne and by ₹500 per tonne or 10%, for fines to ₹4,750 per tonne.

The company stated these rates are for free on rail (FOR) and include royalty, district mineral foundation and national mineral exploration trust charges. However, the prices exclude cess, transit fees, forest permit fees, GST, environmental cess and other taxes.

In prior interactions, the management of JSW Steel had hinted on lower iron ore prices. The price cuts were anticipated but the quantum is higher than expectations, according to analysts.

Brokerage firm Morgan Stanley said the price cuts

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