Industries using iron ore want NMDC to roll back raw material price hike

The demand comes in the wake of a fear of further price hike in iron ore by NMDC for February after sharp hike in January

Industries using iron ore like steel mills, sponge iron manufacturers have urged the government-owned miner NMDC Ltd to roll back the raw material price hike immediately.

In a fresh representation made to NMDC, steel producers and sponge iron manufacturers have argued that the Rs 500 per tonne price hike of both grades of iron ore i.e. lumps and fines for January has raised input cost proportionately, which they are unable to pass on to user industries. Since the demand of raw material is directly proportional to steel consumption which faces stiff competition from imports, iron ore user industries