Iron ore price fall yet to completely reflect in the domestic market

Steel companies in wait-and-watch mode, expect reduction from NMDC

The sharp drop in global iron ore prices is yet to completely reflect in the domestic market. A marginal drop in NMDC ore prices in July has not yielded much for the secondary producers, said industry executives.
 
“Domestic iron ore prices need to correct by a good Rs 2,000 per tonne for us (domestic market) to be aligned with the global market. The July price cut by NMDC translates into cost reduction of just about Rs 350 per tonne, which is negligible,” RK Goyal, managing director (MD) of Kalyani Steel, told Business Standard.     
 
Global iron ore prices hit