It is reported that after a series of hike in iron ore prices since the beginning of 2010, National Mineral Development Corporation may make a downward revision of ore prices for the October to December quarter going by the present trends in the global market.

Mr Rana Som NMDC's Chairman and MD said “Going by the present indications on demand-supply, we expect ore prices to fall the next quarter. We will revise our prices accordingly for the October December period.”

Ore prices were hiked nearly 90% for the April to June quarter over the 2009-10 benchmark rates to touch between USD 120 and USD 135 a tonne. In its last quarterly price review, NMDC had raised the rates to about USD 145 a tonne.

(Sourced from http://www.thehindubusinessline.com)