Country's iron ore prices defied global trends to surge 41% in FY18

Globally, benchmark prices of iron ore fines (62 Fe grade) inched up by only 1.7% in last financial year to $69 a tonne

Prices of high-grade iron ore lumps, a key input in steel manufacturing, shot up 41.1 per cent year-on-year (y-o-y) in FY18, belying international trends. 

Globally, benchmark prices of iron ore fines (62 Fe grade) inched up by only 1.7 per cent in last financial year to $69 per tonne. 

“Domestic prices need not necessarily reflect international price movements and trends. Steel demand in the country remained robust for the most part of FY18 and this sustained higher ore prices. That apart, temporary suspension of a few iron ore mines in Odisha cut off supplies and triggered appreciation in iron ore prices towards