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NMDC increase in ore price irks steel producers-The 19th China(Guangzhou)Int'l Stainless Steel Industry Exhibition
12/13/2017 Stainless Steel Exhibition |
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The Hindu reported that increase in the price of iron ore by domestic suppliers, mainly the National Mineral Development Corporation has upset the steel producers. Industry sources said that the nominal increase at regular intervals in tune with the international price has impacted small and marginal producers who manufacture TMT bars.
The Rashtriya Ispat Nigam Limited, the corporate entity of Visakhapatnam Steel Plant, needs 10 million tonne of iron ore per annum to produce 6.3 million tonne of steel. As it is the only major producer without captive mines in the country, it depends mainly on the NMDC for meeting its raw material requirement by getting it by train from Bailadilla mines in Chhattisgarh. Sources said that though compared to the other players, it may absorb the increase in raw material price without much difficulty, but it would certainly affect its finances.
Mr VV Krishna Rao director of Steel Exchange India Limited told The Hindu that ¡°It has picked up well and the steel market is also doing well. The steel price has also gone up in the past two weeks.¡± He said the NMDC should not jack up the price based on some appreciation in the international market in the larger interest of small and marginal players in the industry.
He said they were producing 1,000 tonne of Simhadri TMT bars and the price of steel had also gone up by a few thousand rupees. He said the price was expected to pick up further going by the market sentiment.
With increased thrust on construction and conferring infrastructure status to logistics, the demand for steel is expected to register an impressive rise in demand. Now, premium quality steel is sold at INR 40,000 to INR 42,000 per tonne.
-The 19th China(Guangzhou)Int''l Stainless Steel Industry Exhibition
- Stainless Steel exhibition,2018
Stainless Steel exhibition, China Stainless Steel exhibition,
Guangzhou Stainless Steel expo,Guangzhou
Stainless Steel exhibition, 2018 Stainless Steel expo,
China Stainless Steel expo
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