<h1>State-owned mining company cuts iron ore prices by Rs 500-600 per tonne amid weak steel market demand</h1> State-owned mining company reduced iron ore prices effective July 1, cutting lump ore rates by Rs 600 per tonne to Rs 5,700 and fines by Rs 500 per tonne to Rs 4,850. The price reduction follows domestic steel market pressures, with rebar prices dropping 5 percent in June. The company's recent auction of iron ore from its mines saw weak response with over 95 percent remaining unsold. The miner contributes 17-20 percent of the country's total iron ore production.