NMDC says iron ore prices could rise 50 pc by April
National Mineral Development Corporation on Tuesday said that iron ore prices could witness increase of up to 50 per cent by April 1 this year.
By PTI |
MUMBAI: National Mineral Development Corporation on Tuesday said that iron ore prices could witness increase of up to 50 per cent by April 1 this year.
The price rise would be in alignment with the international market, NMDC's Director (Production) V K Jain told the media.
"We anticipate the international price for iron ore to increase by 40-50 per cent by April this year," Jain said.
Price hikes in the international market are determined mainly by Australian, Brazilian and Japanese iron ore positions, he added.
The increase in iron ore prices will be based on rates in the April 2007 price level.
Jain said that NMDC, which has a cash reserve of Rs 6,000 crore, is eyeing iron ore mine acquisitions in Canada and West Africa.
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"We are interested in acquisitions of iron ore mines in Canada and West Africa," he said, adding that the company was also mulling acquisition possibilities in Australia. "In Australia, we are looking at both coal and iron ore mines for acquisitions," he said.
NMDC is also looking at the domestic market for acquisitions of coal and iron ore mines, Jain said.
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