India's largest iron ore producer NMDC Limited is holding its board meeting on Monday, October 8, to review its 3rd quarter price of iron ore.
In response to steel makers' demand for reduction of iron ore prices, CS Verma, chairman-cum-managing director of NMDC last month said they would review the prices and also the formula adopted for determining the pricing in the board meeting coinciding with the start of October-December quarter.
Last quarter prices were hiked by up to 13%, which had surprised the market. Steel manufacturers are very confident that prices should come down at least 12-14% in this quarter looking at weak demand and falling prices in international market.
“Chances are high that NMDC will cut iron ore prices this quarter, it can be 15% or Rs 1000/t. Also private miners in Odisha are offering ore at a very competitive rate. Iron ore Imports are not viable at the moment at least for plants based in central India.” said Mr Anil Nachrani, president Chattisgarh Sponge Iron Manufacturer Association.
Leave a Reply