NMDC may cut iron ore price by 40%
Due to the weakening iron ore demand from steelmakers, India’s largest iron mineral producer, National Mineral Development Corporation (NMDC), is considering to lower the iron ore price by 40 percent.
NMDC currently has long term sales agreement with steelmakers such as Ispat Industries, Essar Steel, JSW Steel and Rastriya Ispat Nigam Ltd (RINL), and these steelmakers’ slowing down demand is the main factor for NMDC’s intent of price reduction.
Because of the difference between international iron ore prices and domestic iron ore prices, NMDC had increased long-term supplying prices for domestic users in last October.
No comments:
Post a Comment