India's top iron ore miner, NDMC, is likely to raise iron ore prices by 3% for the January-March quarter on rising demand and a squeeze in global supplies, the Economic Times said, citing an unnamed company official.
Quarterly prices for the ore will be decided on December 29, the paper said, citing chairman and managing director Rana Som.
Offers of Indian ore fines with 63.5 iron content stood at USD 177 to USD 179 per tonne on Monday, CFR (cost and freight) delivered to China, unchanged since the middle of last week.
NMDC supplies iron ore to Japan's Nippon Steel, Kobe Steel, Mitsubishi Steel, JFE and South Korea's POSCO . NMDC officials were not immediately available for comment.
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