Reportedly, Indian’s state-run mining giant National Mineral Development Corporation (NMDC) has brought down its iron ore prices by up to 11% for October, though local market responses lukewarmly.

Because NMDC reduced prices by 11% for fines while only 2% for lump ore, mainly used by large integrated steel producers, it led the lukewarm response.

NMDC’s price reduction comes at a period that global iron ore prices are weakened for several months due to the less purchase from China.