News and Events

Economic Times reported that an increase in iron ore prices by NMDC defying global price trends has put Indian steelmakers in a tizzy.

 

 Mr Seshagiri Rao joint MD and Group CFO of JSW said that "It's distressing to see ore prices rising in India when international prices are softening, steel demand declining and the steel prices falling. Iron ore companies are taking full advantage of scarcity in the market. The steel companies have to operate without gas, coal, iron ore and infrastructure and still produce the most strategic product required for the economy. This, even as imports from countries with free trade agreement with India, as well as of secondary products of poorer quality, is growing. What a paradox!.”

 

 Mr Dilip Oommen MD & CEO of Essar Steel said that "Certainly in today's market we can probably import iron ore lumps that is cheaper. All I can say at this stage that it's hard to predict anything NMDC will do henceforth.”

 

 The iron ore miner increased contract prices for the July-September quarter by 8% to 13%, cashing in on an artificial shortage created by regulatory issues. International prices of iron ore have meanwhile been falling sharply. From USD 149 a tonne in April (62% grade iron ore fines), fines at China now cost USD 108 a tonne.