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Iron ore price negotiations - NMDC increases price by 11pct
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Monday, 05 Jul 2010

The Indian state owned National Mineral Development Corporation has increased the prices of iron ore by 11%. The prices were decided in a board meeting of the NDMC.

Mr Thyagarajan financial director of NMDC said the prices have been decided as per the international market trends. He said that “The price will be given on the quarterly basis throughout this year. We have worked on the prices that are going to be as per the international trend. Japan steels have fixed their prices on quarterly basis.”

Mr Thyagarajan said that “We are also going for the same. It has been worked out taking the Freight On Board realization.”

Mr Thyagarajan also revealed that the revised prices of iron ore fines would be INR 2920, which is an increment of INR 320 in the previous price. He added that “Without our final prices, it would be INR 2920. Provisionally we are charging INR 2600. So just INR 320 would increase in respect of the final prices.”

He further informed that the quarterly export of the iron ores will be three million tones and five percent discount will be provided to the long term customers.

(Sourced from ANI)

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