Essar Steel sees substantial increase in steel price ahead

Mr J Mehra CEO of Essar Steel Holdings in an exclusive interview with CNBC-TV18...

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Mr J Mehra CEO of Essar Steel Holdings in an exclusive interview with CNBC-TV18, speaks about iron ore prices and assesses the impact of iron ore price rise on steel production. Here is a verbatim transcript of the exclusive interview: Q - How are you looking at the iron ore prices? I guess NMDC would have already contacted to you about their intention of raising prices, how much do you think this will tell on your margins and how much will you pass on in terms of higher steel prices in the coming quarter? A - They have already increased the prices in the first quarter starting January and there is the trend of increase in prices all over. There are different kind of talks been done on this. While in the past we had had a stable price per year on regular supplies and on long term buying, whereas we are given to understand that the world over they are now trying to talk about more on spot or at best on a monthly or a quarterly pricing. So as of now the picture is not clear, but there certainly will be an increase which is anticipated which will be substantial. If we look at what happened in 2009, there was a drop in the pricing over 2008. Now, the production is catching up in steel and in 2010 world over it is likely to be at the level of 2008, whereas the oxide supply side has not been able to match up with the increased demand which is likely to come up in 2010. So therefore, there would be pressure on pricing. How much could it be? It could be back to 2008 levels.

Mr J Mehra CEO of Essar Steel, Essar Steel, Iron Ore Price, Steel Production, 2010 World Steel Production, India

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