Hike in iron ore prices may lead to rise in cost of steel production
The recent price hike of iron ore by the country's largest iron ore miner NMDC will lead to rise in cost of steel production. NMDC’s decision to hike prices of higher grade iron (lumps) by Rs 500 to Rs 3,100 per tonne for the current month is expected to increase cost of steel production by Rs 1100-1300 per tonne. Thus, to overcome the burden of high raw material cost, steel companies will have to pass on the increased production cost to customers. NMDC also raised the prices for iron ore fines, which is inferior grade ore, by Rs 500 to Rs 2,760 per tonne for January.
The steel manufacturing companies are also witnessing uptrend in other costs of raw materials, such as coal, refractory and electrodes. This will further put pressure on steel companies to pass on the increased cost of production to their customers.
Besides, the rise in raw material costs is likely to badly hit struggling steel makers who are heavily burdened with huge debt on their balance sheets and are facing insolvency proceedings.
Below are the prices of iron ore in USD from June 2017 to December 2017.
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)