In the last price revision announced on April 29, NMDC fixed the rate of the lump at Rs 4,200 per tonne and that of fines at Rs 4,010 a tonne. The prices are effective from May 29 and exclude royalty, district mineral fund (DMF), National Mineral Exploration Trust (DMET), cess, forest permit fee and other taxes, the company said. According to research firm SteelMint, "This price cut has brought NMDC iron ore prices to a 6-month low. The reduction is attributed largely to falling steel prices, which is a result of a weak global market. However, in the domestic market steel prices are higher compared to global prices. A price correction in the local market is expected soon". Iron ore is one of the key raw materials used in the manufacturing of steel, and any movement in its prices has a direct impact on rates of steel, an alloy widely used in segments such as construction, infrastructure, automobile and railways.