A China-induced spike in iron ore prices is affecting the infrastructure projects as builders, contractors, and Indian Steel Association (ISA) has urged the Union Ministry of Commerce to impose a temporary clamp on iron ore exports for six months. Prices of hot-rolled coil have increased by 46 per cent to ₹52,000 per tonne in November as compared to `37,400 per tonne in July this year.
Rebar TMT, which is used in housing and construction sectors had touched ₹50,000 a tonne, industry sources said. It is learnt that steel prices could touch ₹60,000 per tonne by the beginning of 2021. Amid the pandemic, 92 percent of steel exports were directed towards China despite the India-China standoff along the lAC, said Bhaskar Chatterjee, ISA secretary-general and executive.
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