Beleaguered steel firms see ground for 35% cut in iron ore prices

Prices of finished steel products tumble 10-25% since January

Domestic steel makers see scope for a downward revision in iron ore prices by 30-35 per cent. International prices of benchmark 62 Fe fines falling 23 per cent over the past couple of weeks and finished steel product prices tumbling by 10-25 per cent between January and August back the case for ore price correction in the Indian market, they reasoned.

“Continuing high prices of iron ore is putting further pressure on steel industry and many manufacturers have already started throttling their production. The market is apprehending further deterioration in the situation and many plants may shut down unless immediate