He explained that although NMDC has recently brought down prices by 10-12 percent they are still very high for steel manufactures who are already reeling under several other costs like imported coking coal and high electricity charges.
Post Supreme Court ban on iron ore mining in Karnataka in August 2011, ore has been sold through government appointed e-auction committee. Today, there will be another round auction for iron ore, which Goyal feels will remain lackluster.
"I do not expect a great interest again. Maybe, most of the fines maybe sold which is just 1/3rd of the total material. Lumps and ROMs may not be sold that much," he said. Around 4.5 lakh tonne of ore will be auctioned today.
Also read: JSW Steel to import 5 MT iron ore to run its plants
Goyal said that if the prices are brought down further by 15-20 percent, then Kalyani Steels would be much comfortable to buy more material. He expects the Q4 earnings to be better than Q3 as steel demand is generally high during January-March.
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