The country's largest iron ore producer NMDC has slashed the prices of lump ore and fines by Rs 500 a tonne each.

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The prices are effective from Tuesday, the company which is also the largest seller of the mineral said in a regulatory filing.

Iron ore is one of the key raw materials used in the manufacturing of steel, and any movement in the prices of the mineral has a direct impact on the rates of steel, which has been a matter of concern for the user industries for past couple of months.

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According to the filing, the company has fixed the prices of per tonne lump ore at Rs 3,900 and that of fines at Rs 2,810 a tonne.

While lump is high-grade iron ore having Fe (iron) content above 65 per cent, fine is inferior grade ore which needs beneficiation.

The revised prices are effective from July 12 , 2022, and exclude royalty, District Mineral Fund (DMF), National Mineral Exploration Trust (DMET), cess, forest permit fee and other taxes, the company said.

NMDC had last made a price revision on June 6, when it had fixed the prices of lump ore and fines at Rs 4,400 per tonne and Rs 3,310 per tonne, respectively.

Under the steel ministry, NMDC contributes around 17 per cent to the country's annual iron ore output.