State-owned iron ore miner NMDC, which on Saturday hinted at a 34-56% hike in its base price, has left non-integrated steel-makers in a fix. Since the hike is termed as provisional, steel producers will find it hard to forecast.
Steel-makers have hinted at a further price hike after NMDC comes out with a final price after it finalises a contract with Japanese steel mills. NMDC had raised its prices by 16% in January.
Anil Surekha, director-finance, Ispat Industries, told FE, ?NMDC has hiked prices by 65-70% from April 2009 prices. We have hiked prices, due to the hike in iron ore prices internationally. However, we would decide on a further hike after the price announcement by NMDC.?