India’s National Mineral Development Corporation (NMDC) is to raise long-term contract prices of iron ore by 40-50 per cent, effective April 1, 2010.
The company raised its iron ore prices on January 1, by Rs 270 per tonne across all grades, or 6-15 per cent depending on the iron content.
NMDC is negotiating with its domestic and overseas buyers in a bid to convince them to accept the increase, citing the significant rise in prices of the steel-making raw material in the spot market.
Chairman Rana Som said that even if a consensus is reached after 1 April that will still be the date of the price revision.
Around 15 per cent of NMDC’s output of 30 million tonnes per year is exported, mainly to mills in China, Korea and Japan; the rest is sold domestically.
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