Red-hot iron ore
Apr 29, 12:04

The main steelmaking ingredient is on fire, having crossed $190/tonne this week on the back of strong demand from Chinese steel mills. China is the main buyer of seaborne iron ore and tighter supplies relative to demand are giving strong legs to the iron ore price rally. These steel mills are unfazed by the spike in iron ore prices as steel prices have risen too, leading to a spike in profit margins as well. The doubling in iron ore prices is reflected in domestic ore producer NMDC's share price, which has risen from Rs 75 to just below Rs 150 in a year's time.

Mining gfx - April 29