Govt asks NMDC to review iron ore prices once in 3 months

Steel secretary says the government has asked NMDC to consider reviewing iron ore prices only once in 3 months and help steel firms handle raw material purchases better


Steel secretary Aruna Sharma says the govt is working on a policy to help steel firms transfer excess land with them to foreign companies in exchange for equity or JV. Photo: Bloomberg
Steel secretary Aruna Sharma says the govt is working on a policy to help steel firms transfer excess land with them to foreign companies in exchange for equity or JV. Photo: Bloomberg

New Delhi: India has asked state miner NMDC Ltd to consider reviewing iron ore prices only once in three months instead of regular revisions, and help steel companies handle raw material purchases better, the steel secretary told Reuters.

The government is also working on a policy to help steel companies transfer excess land with them to foreign companies in exchange for equity or joint venture, Aruna Sharma said in an interview on Tuesday.

Germany’s Thyssenkrupp will start production of cold-rolled grain-oriented steel, used in power transformers, from its on-trial 50,000-tonne-a-year plant in western India’s Nashik next year, she added. Reuters

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