India’s Ministry of Steel has directed the country’s largest iron ore miner NMDC Limited to review its pricing once every three months instead of every month as currently done, a senior government official said on Friday, May 12.
The official said that a quarterly review of iron ore pricing by NMDC would enable steel producers without captive sources of the raw material to adopt long-term raw material purchase at more stable prices. However, he did not disclose any development regarding the ministry’s previously-announced plan to set a price band for domestic iron ore.
However, industry sources said that the government is expected before the end of the current month to announce a price band setting maximum and minimum prices that iron ore miners can charge.