OMC's iron ore price hurts steel makers

Miner yet to cut auction floor price despite piling inventory

Steep iron ore prices quoted by state run miner Odisha Mining Corporation (OMC) in its e-auctions has left the steel makers in the lurch. The steel industry that is passing through a challenging phase and incurring losses due to cheaper imports from China and exorbitant ore prices in the domestic market, has called for correction in prices by OMC. While finished steel prices have slid by a quarter from Rs 36,000 to Rs 27,000 per tonne in six months, global iron prices have also plunged to $50 a tonne from the level of $120 a year back. Steel companies feel the downtrend in global ...