Iron Ore Has Surged Yet Top Miner in India Is Cutting Prices
- NMDC is facing moderating local steel demand as economy slows
- Company says transport costs on India’s railway a challenge
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India’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 percent in 2016 even as iron ore climbed 36 percent internationally. Challenges include record domestic supplies, moderating local steel demand and transport costs on India’s clogged railway.