Comments
A hike in iron ore prices by state-run NMDC has left steel companies with no choice but to pass on the increased production cost to customers, JSW Steel Chairman Sajjan Jindal has said. “Recent increase in iron-ore price by state owned NMDC & Orissa private miners is forcing steel companies to pass on increased cost of production,” Jindal said in a tweet.
Recent increase in iron-ore price by state owned #NMDC & Orissa pvt. miners is forcing steel companies to pass on increased cost of production. Increased cost of other raw materials like coal,refractory,electrodes is further fueling this & leaving no other option @SteelMinIndia
— Sajjan Jindal (@sajjanjindal) January 3, 2018
On January 2, 2017, the country’s largest iron ore miner NMDC increased prices of higher grade iron (lumps) by Rs 500 to Rs 3,100 per tonne for the current month. The state-run firm also raised the prices for iron ore fines, which is inferior grade ore, by Rs 500 to Rs 2,760 per tonne for January.
The increased cost of other raw materials like coal, refractory, electrodes is further fuelling this and leaving no other option, Jindal said. The price hike in January is the third-straight rise since November 2017 when NMDC had fixed the rates of lump ore at Rs 2,300 a tonne and that of fines at Rs 2,060 a tonne. In December, 2017, it rose the price of lump ore by Rs 300 a tonne to Rs 2,600 and fines by 200 to Rs 2,260 a tonne.
Comments
COMMENT NOW
Comments
Comments have to be in English, and in full sentences. They cannot be abusive or personal. Please abide by our community guidelines for posting your comments.
We have migrated to a new commenting platform. If you are already a registered user of TheHindu Businessline and logged in, you may continue to engage with our articles. If you do not have an account please register and login to post comments. Users can access their older comments by logging into their accounts on Vuukle.