State run NMDC is likely to delay revision in iron ore prices for the April to June quarter by 15 days to mid April as long-term contracts with Japan .se steel mills have not been renewed yet.
Mr Rana Som CMD of NMDC told PTI that "This time there could be little delay as contracts with Japanese firms are yet to be renewed. Domestic prices are benchmarked to that prices. So, we will take a view on that after some time, likely by middle of April.”
However, the NMDC Chairman was hopeful that the issue will soon get government clearance and contracts with the Japanese firms will be signed at the earliest.
Mr Som said that "It is at the higher levels and I hope it to be approved soon. I am sure that the contract will be renewed as early as possible adding that the company can not move ahead without government approval.”
Earlier, the company used to revise the iron ore prices at the beginning of a particular quarter. It had raised the prices by about 5.22% in January for the last quarter of this fiscal.(sourced:PTI)
Mr Rana Som CMD of NMDC told PTI that "This time there could be little delay as contracts with Japanese firms are yet to be renewed. Domestic prices are benchmarked to that prices. So, we will take a view on that after some time, likely by middle of April.”
However, the NMDC Chairman was hopeful that the issue will soon get government clearance and contracts with the Japanese firms will be signed at the earliest.
Mr Som said that "It is at the higher levels and I hope it to be approved soon. I am sure that the contract will be renewed as early as possible adding that the company can not move ahead without government approval.”
Earlier, the company used to revise the iron ore prices at the beginning of a particular quarter. It had raised the prices by about 5.22% in January for the last quarter of this fiscal.(sourced:PTI)
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