December 21 2020, 9:34 AM December 21 2020, 9:37 AM
Nickey Mirchandani
Iron ore prices have risen the most among ferrous commodities so far this year globally as demand for the key raw material used in steelmaking rose once economies around the world restarted following the Covid-19 pandemic. Prices of Dalian Commodity Exchange iron ore have risen more than 50% so far this year compared with hot-rolled coil steel’s 20% gain and steel rebar’s 12% increase, according
Yet, a disparity exists between international and domestic prices of iron ore. That comes even as domestic prices surged to a record in December, according to Bloomberg data and exchange filings by state-run miner NMDC Ltd.
The surge in domestic iron ore prices is due to: Similar trend in international prices. Mining activities being disrupted in Odisha—a key ore producing state. Strong demand from the steel sector. While high international prices provide room for domestic iron ore exporters to expand, disruption in Odisha has provided a leg up to Indian iron ore industry—at least for the near term. Companies like
International Price Rally To Sustain International iron ore prices have rallied to a seven-year high, largely on account of a mine disaster in Brazil, which shuttered a significant chunk of output in Vale SA, the world’s second-largest ore producer. Demand picked up in the second half of this year, according to Bloomberg data, with China, the largest consumer, spending heavily on construction to
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