India: rising iron ore prices

Increases in iron ore prices from Indian suppliers, most notably the National Mineral Resources Development Corporation (NMDC), disrupted steel production.

Industry sources say the nominal increase at regular intervals in line with the international price has affected small and marginalized producers who produce joists.

Recovery signs

At the same time, the consolation for steelmakers is that the market is showing signs of recovery. The steel market is doing well as well, as the price of steel products has also increased over the past two weeks. Steelmakers believe that mining companies should not raise the price based on some international appreciation for the broader interest of small and marginal players in the industry.

Steel demand is expected to record impressive growth in demand as the construction load increases and logistics infrastructure is provided. Now high quality steel is sold between 40,000 and 42,000 rupees per ton.