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Most Valuable Steel Mill in India Sees Iron Ore Drop to $60

  • Global supplies will gradually normalize, JSW Steel’s Rao says
  • JSW says not planning to import iron ore this financial year
Inside Jindal Steel & Power Ltd.'s Production Plant
Photographer: Udit Kulshrestha/Bloomberg
Updated on

JSW Steel Ltd., India’s most valuable steel producer, is predicting declines for iron ore next year as demand from biggest consumer China eases and supplies recover.

Prices may trade between $80 and $85 a ton for the rest of 2019 before sliding to $60 to $65 next year, Seshagiri Rao, joint managing director of the Mumbai-based mill, said. The key steel-making raw material has benefited from “speculation” and there is no reason why ore should be trading at elevated levels of about $95, he said.