Photo: Aniruddha Chowdhury/MintIndia’s top iron ore miner is feeling the squeeze despite a global rally in the price of the steel-making material. NMDC Ltd has cut prices about 6% in 2016 even as iron ore climbed 36% internationally. “The answer to this is to have discussions with Indian railways to rationalize freight.”NMDC has 6 million tonnes of iron ore lying around, Rao said. The company faces risks from state governments’ plans to auction iron ore mines in Odisha and Karnataka states. The federation estimates India extracted 139.73 million tonnes in 2015-16 and consumed 101.82 million tonnes.

Source: Mint September 06, 2016 03:00 UTC