Indian prices for steel and ferrous scrap are likely to increase after a significant price rise was brought in by state-run iron ore producer National Mineral Development Corp (NMDC), sources told Metal Bulletin on Thursday January 4.
NMDC's price for Indian lump ore rose to 3,100 rupees ($49) per tonne while fines have increased to 2,760 rupees per tonne, the company said in a filing to the Bombay Stock Exchange (BSE) on January 2.That represented a price rise of more than 20%, according to market participants.Private miners in the eastern state of Odisha have since followed NMDC's lead by ramping up their iron ore prices too."Steelmakers are saying they will have to increase prices because of the high raw materials costs. In a week or so, we will see the higher prices," one Indian scrap seller said."There is a lack...