Iron ore demand, price under pressure due to Chinese factors: NMDC Limited

Iron ore demand, price under pressure due to Chinese factors: NMDC Limited
23/09/2017 , by , in ALLIED

State-owned NMDC Limited today said iron ore prices and demand may come under pressure due to factors such as subdued production in China and ramping up production by some of the large mines across the globe N Baijendra Kumar, Chairman-cum-Managing Director of NMDC also said though the global demand may come under pressure, Indian scenario would be different as domestic demand may go up due to expected growth in steel demand.

“Going ahead, however, iron ore demand and prices are likely to come under pressure with expectation of Chinese steel production stagnating, sea-borne iron ore supplies increasing with large-scale mines ramping up production and competition from scrap as feedstock,” Kumar said in the Annual General Meeting here.

“Fortunately for us, India’s steel demand is poised for an impressive growth in the years to come, which would certainly translate into higher consumption of iron ore domestically,” he said.

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