India's iron ore prices unlikely to recover in near term: ICRA

India's iron ore prices are unlikely to recover in the near future, given the high inventory levels and rising production, credit rating agency ICRA said on Thursday. "Given the substantial inventory levels at mine-heads and the fact India's ore production is slated to increase further this year, domestic iron ore prices are unlikely to recover meaningfully in the near term, thereby benefiting steel mills," ICRA Corporate Sector Ratings Senior VP Jayanta Roy said.