On concerns raised by the domestic steel makers against invariable iron ore prices by, India's largest iron ore producer. NMDC is appointing KPMG as a consultant to help arrive at more stable pricing formula, said sources.
Sources tell that there were 6 participants. CRU and KPMG managed to book final two positions. It was KMPG who had clenched the deal.
NMDC has also switched from quarterly pricing to monthly pricing w.e.f October in order to offset high volatility in steel prices across the world.
According to the NMDC chairman and managing director CS Verma, the company has a pricing formula, wherein the prices of iron ore in the previous quarter determined the pricing of iron ore in the next quarter for long-term supplies.
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