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NMDC seeks minimum 90% hike in ore prices
作者：25 发布时间：2010-05-21 文字大小：【大】【中】【小】
MUMBAI: NMDC, Asia’s third-largest iron ore miner, plans to seek price increases of “at least” 90% and quarterly contracts from steelmakers in Japan and South Korea, following biggest global exporter Vale.
NMDC, which exported about 15% of output last year, expects to sell iron ore fines overseas at $116 a metric ton this quarter, finance director Swaminathan Thiagarajan said on Thursday, raising his March 30 forecast of $100. Talks with buyers in Japan and South Korea will be held next week, he said.
Iron ore miners are seeking to capitalise on spot prices, which more than doubled in the past year. Vale broke a 40-year system of negotiating annual key contracts in March when it agreed on new quarterly prices with Japanese buyers. Melbourne-based BHP Billiton, the world’s largest miner, also switched to quarterly pricing.
“The prices are very high compared with last year, Mr Thiagarajan said in a phone interview from Hyderabad, where the company is based. “We should be able to get good price.”
NMDC shares fell 0.7% to Rs 277.15 at the close of trading in Mumbai. The benchmark Sensex gained 0.7%. The price of 62% iron-content ore in the cash market at Tianjin port in China rose to $186.50 a ton on April 21 before sliding 16%, according to the Steel index. The average price in the period April 1 to May 19 this year has almost tripled to $172.60 a ton from a year earlier.
Japanese mills agreed with iron ore producers in Brazil and Australia to a doubling of prices for the April-to-June period from a year earlier, the Nikkei newspaper reported on Thursday. Prices of iron ore powder from Brazil were set at $110 a ton and prices of the material from Australia were set at $120, according to the report, which didn’t cite anyone.
NMDC’s revenue for the fourth quarter ended March 31 is likely to increase from a year earlier because of higher prices, Mr Thiagarajan said. The company in January raised prices of the ore sold in the country.
India, the world’s third-largest iron-ore exporter, may consider banning overseas sales “if needed” to boost local supplies and curb domestic costs, steel minister Virbhadra Singh said on Wednesday. The government will review the tax from time to time, he said.
The mines ministry is also seeking to charge a windfall tax on “super profits” made by companies exporting minerals including iron ore due to higher commodity prices, S Vijay Kumar, special secretary in the mines ministry said on Wednesday.
Sourced from www.indiatimes.com
NMDC, which exported about 15% of output last year, expects to sell iron ore fines overseas at $116 a metric ton this quarter, finance director Swaminathan Thiagarajan said on Thursday, raising his March 30 forecast of $100. Talks with buyers in Japan and South Korea will be held next week, he said.
Iron ore miners are seeking to capitalise on spot prices, which more than doubled in the past year. Vale broke a 40-year system of negotiating annual key contracts in March when it agreed on new quarterly prices with Japanese buyers. Melbourne-based BHP Billiton, the world’s largest miner, also switched to quarterly pricing.
“The prices are very high compared with last year, Mr Thiagarajan said in a phone interview from Hyderabad, where the company is based. “We should be able to get good price.”
NMDC shares fell 0.7% to Rs 277.15 at the close of trading in Mumbai. The benchmark Sensex gained 0.7%. The price of 62% iron-content ore in the cash market at Tianjin port in China rose to $186.50 a ton on April 21 before sliding 16%, according to the Steel index. The average price in the period April 1 to May 19 this year has almost tripled to $172.60 a ton from a year earlier.
Japanese mills agreed with iron ore producers in Brazil and Australia to a doubling of prices for the April-to-June period from a year earlier, the Nikkei newspaper reported on Thursday. Prices of iron ore powder from Brazil were set at $110 a ton and prices of the material from Australia were set at $120, according to the report, which didn’t cite anyone.
NMDC’s revenue for the fourth quarter ended March 31 is likely to increase from a year earlier because of higher prices, Mr Thiagarajan said. The company in January raised prices of the ore sold in the country.
India, the world’s third-largest iron-ore exporter, may consider banning overseas sales “if needed” to boost local supplies and curb domestic costs, steel minister Virbhadra Singh said on Wednesday. The government will review the tax from time to time, he said.
The mines ministry is also seeking to charge a windfall tax on “super profits” made by companies exporting minerals including iron ore due to higher commodity prices, S Vijay Kumar, special secretary in the mines ministry said on Wednesday.
Sourced from www.indiatimes.com
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