New Delhi:JSW Steel chariman Sajjan Jindal has has reacted to the recent rise in iron ore prices by the Central sector NMDC and said that the steel producers have no option but to pass on cost to the customers.
The NMDC has increased the iron ore prices of higher grade lumpy iron ore by Rs 500 to Rs 3100 per tonne for this month from January 2,2018. It has also raised the prices for iron ore fines by Rs 500 to Rs 2,760 per tonne for January.
Jindal has twitted, “Recent increase in iron-ore price by state owned NMDC & Orissa pvt. miners is forcing steel companies to pass on increased cost of production. As the input cost has already increased with the increase in the cost of coal, refractory, electrodes, there is no other way than enhancing the steel products, he added.
The price hike in January is the third-straight rise since November 2017 when NMDC had fixed the rates of lump ore at Rs 2,300 a tonne and that of fines at Rs 2,060 a tonne. In December, 2017, it rose the price of lump ore by Rs 300 to Rs 2,600 per tonne and fines by 200 to Rs 2,260 a tonne.