Indian state-owned iron ore miner, NMDC said on Monday that it expects a 40 per cent rise in the price of iron ore it supplies to Japanese steel mills in the next year. Preliminary talks with the mills begin on Wednesday.
NMDC has long-term agreements with a number of Japanese steel firms and the company says that it expects prices of iron ore lumps to rise from $85 a tonne to around $110 a tonne, while iron ore fines will be rise from $61 to $85 a tonne.
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