Looks like India is soon to commence construction of 100 new smart cities before national steel producers are able to meet the demands of the project, I can only assume that India will source its required steel from major producers such as the Peoples Republic of China, whilst steel can be produced cheaply courteous of a low iron ore price.
New markets for iron ore are emerging and new demands for the iron ore product could soon drive prices, this is the very reason why NMDC should move with plans to develop the Mt Beven iron ore project with jv partner Hawthorn Resources, NMDC could provide India with options down the track should future demand drive iron ore prices higher?
IMHO.
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