India’s single largest iron ore miner-National Mineral Development Corporation (NMDC) may revise iron ore prices next week around 10-12 Jan’16.
As per an official from the company, there are chances that NMDC may open iron ore prices next week. The new prices will be effective from the date prices are declared. Also the company is awaiting appointment of new Chairman after NMDC’s previous Chairman cum Managing Director (CMD) Mr. Narendra Kothari retired on 31 Dec’15.
According to sources, the Appointments Committee of the Cabinet has still not given its nod to Mr. Gopal Singh, who was recommended by the Public Enterprises Selection Board (PSEB) for the post of CMD in June’15.
Mr. Gopal Singh has been heading Central Coalfields (CCL) since Mar’12. Born in 1961, he graduated from the Indian School of Mines, Dhanbad, in 1981 and started his professional career as mining engineer at Rajrappa area, CCL.
Considerable improvement in bookings was seen post price cut in lump and ROM by the miners in Dec’15. Iron ore sales of NMDC have significantly moved up in Dec’15 by 30.6% M-o-M and stood at 2.6 MnT against 1.99 MnT in Nov’15.
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