NMDC may raise iron ore prices by 3%

State-run NMDC is likely to raise iron ore prices by three per cent next week for the January-March quarter, a move which could prompt domestic steel makers like JSW and Tata Steel to increase prices in the New Year. The move is due to a rise in demand and squeeze in global supplies.

After a series of hikes in iron ore prices during the first half of 2010, NMDC had reduced prices by about five per cent for the October-December quarter. The rise would affect all steel companies and these would be forced to increase their prices as well.crackcrack