Just as well IOR isn't producing any iron ore as prices keep going down.
"After taking two price cuts in December, the word on the Street is that you are all set for another Rs 300 to 350 per tonne price cut. Are you considering it or would you completely deny this?
Yesterday, we had made another price cut of Rs 300 for fines and Rs 350 for lumps. That is in line with the cut in prices in Odisha. In Karnataka also, there have been steep cuts in iron ore prices because of the fall in steel demand. Normally, the iron ore prices move in tandem with the steel prices. From November -- be it HR coil or sponge iron or the pellets -- all declined following a lull in demand and also at the backdrop of liquidity problems. In line with that, we have also reduced prices -- around 11% -- as on 1st of January.
Is it purely competition from Odisha’s private miners that is prompting you to take price cuts and continued price cuts at that? If Odisha miners continue to increase output ..
What is the current discount that Indian iron ore trades at against international prices?
On the west coast, we are at around 14% discount to international prices and on the east coast, at 19% discount compared to imported iron ore prices. But for inland clients like Toranagallu, our iron ore is at around 54% discount. We always price our iron ore at a discount to the imports on landed basis. "
