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• Issue-wise legal analysis
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Marketing of Iron Ore by NMDC

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....arketing of Iron Ore by NMDC <br>News and Press Release<br>Dated:- 20-12-2012<br><BR>Press Information Bureau Government of India Ministry of Steel 20-December-2012 16:43 IST The Minister of Steel, Shri Beni Prasad Verma has said that sales under export agreements are done on Free on Board (FOB) port basis whereas domestic sales are done on Free on Rail (FOR)/ Free on Truck (FOT) mine basis a....

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....nd as such these two types of prices are not directly comparable. The export and domestic prices of iron ore of NMDC Limited, during the year 2012-13, are given below: Period Domestic price of iron ore (in Rs./Tonne on FOR mine basis) Export Price of iron ore (in US $/DLT-FOB portbasis) Baila Lump Baila Fines Baila Lump Baila Fines Q1 (April, 2012 - June, 2012) 5480 2800 146.90 13....

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....5.20 Q2 (July, 2012 - September, 2012) 6190 3030 153.60 141.38 October'12 6070 2690 131.93 121.43 November'12 5380 2610 131.93 121.43 In a written reply in the Rajya Sabha today Shri Verma said, Iron ore is in deregulated sector. Prices of iron ore are fixed by the individual companies based on commercial prudence and general market situation. Being a Navratna Public Sector Enterpr....

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....ise, the commercial and financial decisions of NMDC including pricing of iron ore are taken by the Board of Directors of the company. The Government generally does not interfere in commercial decisions of the company. However, to improve availability of iron ore to domestic iron and steel industry at affordable price, the Government has increased the export duty on iron ore from 20% ad valorem to ....

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....30% ad valorem on all grades of iron ore (except pellets) with effect from 30.12.2011. *** NSK/DB<BR> News - Press release - PIB....

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