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Gold/Mining/Energy : Mining News of Note

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To: LoneClone who wrote (31311)	1/16/2009 2:04:38 PM
From: LoneClone	Read Replies (1) of 194353

NMDC sees iron ore demand rising by January end steelguru.com PTI reported that National Mineral Development Corporation sees demand picking up by the end of January on the back of steps taken by the public sector firm. Mr Rana Som CMD of NMDC said that "We have reduced iron ore prices and diversified our customer base to improve the offtake by the end of this month." Mr Som said that "Apart from talking to our long-term customers to revive the iron ore offtake, we have expanded our customer base to include many secondary steel producers and pig iron manufacturers, which will help us in selling more." Mr S Venkatesan director commercial of NMDC said that "We may sell about 2 million tonne to 2.5 million tonne in the next quarter, depending on the activities in the construction sector." As per report, NMDC saw its iron ore sales dip by nearly 35% to 1.2 million tonne in December as demand from domestic steel consumers declined. The mining major is also banking on the revival of construction activities to bolster demand for steel products, which would also increase the requirement for iron ore.

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