India’s largest iron ore miner NMDC said it will take a decision by month end on the prices at which the mineral will be supplied to its customers.

Mr Rana Som CMD of NMDC said that “We have a board meeting on June 30 in Hyderabad to decide on the iron ore prices.”


Asked if the company will seek doubling prices for its iron ore from domestic steel consumers, Mr Som said that “We are having an open mind. Though generally, global prices are the benchmark.”

He added that the proposed price change will come in place with a retrospective effect from April 1st 2010. The company is likely to sell iron ore to domestic firms for the current quarter.

The PSU had recently concluded a pact with South Korean and Japanese steel mills to supply them iron ore for current quarter at prices that are higher by as much as 99% over the previous rates. NMDC is supplying iron ore fines and lumps to the foreign mills at around USD 121 to USD 138 a tonne.

(Sourced from PTI)