indian ore prices are sky rocketing, page-45

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Indian iron-ore prices are expected to surge another 15-20% even as prices during the year-end have recovered by 30% to 50% depending on the grades. NMDC Ltd chairman Rana Som told FE that while the prices of iron- ore with more than 64% ferrous content have already gone up from around $59-61 per tonne to $117 (free on board) per tonne, prices are expected to climb further by 15-20%.

Demand in spot is very high and this will drive the long-term demand, too, Som said. Although in India there will be a marginal increase in demand, from around 85 million tonne to around 90 mt, China will drive the global demand growth with a demand increase of 11-12%. In fact, demand in the US, Japan and UK will remain stable but Chinese demand will continue to grow for the next five years at least at a rate above 10%, Som said.