MUMBAI, Oct 9 (Reuters) - India's National MineralDevelopment Corporation has cut iron ore prices by2-11 percent for October from September after a request fromdomestic steel makers, which have been slashing capacity due tolack of the raw material, a company source told Reuters.
"There was a demand from domestic steel manufacturers toreduce prices, so this was done to support them," the source atthe country's biggest iron ore miner said on condition ofanonymity.
Steel makers have faced challenges in obtaining iron ore, animportant steel making ingredient, because domestic productionhas been reduced by mining bans in key iron ore producing stateslike Karnataka and Goa. That has forced them to turn toexpensive imports.
(Reporting by Siddesh Mayenkar; Editing by Jo Winterbottom)
Keywords: INDIA NMDC/