Giving his view about the fall in global iron
ore prices, Sushil Maroo, Group CFO, JSPL says, “the global iron ore
prices have fallen by about 35% to 45% in last one month. But in India iron ore
prices have not fallen commensurately in fact because many mines are closed,
availability of iron ore has become very difficult now. Many steel companies
are having a lot of problems. The export of iron ore also has slowed down from
India because they are not able to get the kind of prices they were getting in
the past”
Speaking about the global steel
demand he added, “In fact, global
steel demand has come off in the last two months time and certainly the prices
of raw material are also falling because of that. But unfortunately in India
the prices of raw material are not falling and availability of iron ore is also
in question. So steel prices are still very firm. But the demand in India for
steel is not growing because of various reasons as the interest rate is very
high and other industries are also getting affected adversely because of low
demand of their products and higher interest rate, low liquidity. So, the steel
prices in India are firm, still not fallen, but the demand is really not
rising.”
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