Steel prices to remain stable; NMDC cuts ore prices for Karnataka


Steel prices to remain stable; NMDC cuts ore prices for Karnataka

Indian primary steel producers have extended their product prices for July, despite state-owned NMDC cutting iron ore prices by Rs 300 a tonne in Karnataka (where a lot of the country’s steel is made).

NMDC Limited, a state-controlled mineral producer, has reduced prices by Rs 300 a tonne in Karnataka on the backdrop of increasing stocks. In May, NMDC had raised the price of lump ore by Rs 150 to Rs 3,050 a tonne.

JSW Steel and Kalyani Steel, major customers for Karnataka miners, including NMDC, did not respond to queries on the subject. However, officials at these companies have said the price cut is not enough; ore sold in other states is of better quality and competitive.

Opposing this argument, Basant Poddar, a senior figure at the Federation of Indian Mineral Industries, said: “Iron ore sales are under a Supreme Court directive. Neither ore or pellets can be exported. Further price cuts will severely dent the working of iron ore mines.” Read More

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