Iron ore prices have bottomed out

For the first time since April, state-run iron ore miner NMDC increased prices of fines on Thursday — 100/tonne on fines and 200/tonne for lump ore. CMD Sumit Deb told Surya Sarathi Ray that the prices of the steelmaking raw material may have bottomed out. Edited excerpts:

You have recently raised prices. Does it indicate the prices will go up further?

Iron ore prices have bottomed out. NMDC had taken the lead in reducing prices so that steel can become affordable and pressure on inflation reduces. Steel prices have now fallen considerably. Our latest price hike has been very marginal. But it does not offer any indication that prices will go up from here. Also, because of the huge rainfall in our mining areas, production was a constraint.