Sponge manufactures in Chattisgarh anticipate NMDC, India's largest iron ore producer to cut its Oct-Dec prices after it surprised market by a 13% hike made in 2nd quarter prices, said industry sources.
” Chattisgarh sponge units own a quota of 30% of total lumps production by NMDC. Current prices are way higher than offers by Odisha private miners and international iron ore prices.
Many sponge plants have stopped lifting ore from NMDC on high prices, we anticipate prices to come down by at least 20% for Oct-Dec quarter.” said a senior official from sponge manufacture association in Chattisgarh.
Iron ore from Odisha costs us around Rs 7,800/t (delivered plant) where as almost same grade from NMDC costs us around 9,500 (delivered plant), he further added.
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