India's largest iron ore producer NMDC, lowering its prices by 2% for lumps and 11% for fines for October was below market expectation.With domestic iron ore prices still remain unrealistically high, many large Indian steel makers look to import from Australia and Brazil.
“Big plants like Essar and JSW are in advanced stage of booking iron ore from Australia. Offers from Brazil are also lucrative. Indian domestic iron ore prices are higher than global prices.On going mining issues in Karnataka, Odisha and Goa, import is not a bad option.” said a source from the industry.
Essar Steel's Chief Executive Officer and Managing Director Dilip Oommen also said at the current price, NMDC would keep on adding stockpiles at the pit-head as there would be no takers for the lump variety of iron ore for which only 2% reduction has been effected.
If sources are to be believed we can see good amount of imports in the month of October.
Leave a Reply