Iron ore prices on the rise
By lparth at 30 July, 2008, 10:09 am
STORY HIGHLIGHTS
- With price increases in iron ore prices and coking coal, the steel prices are expected to rule high.
BHP Billiton Ltd, one of the 3 major iron ore exporters, has struck a price increase of 97% from Chinese Steel makers for the iron ore lumps for 2008-09.This is similar to the agreement of Rio Tinto Group with Baosteel Corporation of China. For the iron ore fines, the price increase is around 79.8 %.
National Mineral Development Corporation ( NMDC ), India exports around 3 million tones of iron ore fines to Japan and around 0.4 million tones to POSCO, South Korea. NMDC is planning to push for a better price this year for its iron ore during the negotiations with Japanese and South Korean Steel makers scheduled for the end of July 08.
With this type of price increase in iron ore prices and also in coking coal, the steel prices are expected to rule high.
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