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India works on formula to regulate iron ore prices – steel secretary on TV

© Provided by The Rahnuma Daily

NEW DELHI – India is working on a formulathat might act like a cap on iron ore prices, the country’ssteel secretary Aruna Sharma told CNBC TV18 on Wednesday.

“There needs to be some sharing of the profits. We areworking on the end-formula, and maybe we will come up with thelogic very soon,” Sharma said.

The price of iron ore “should not move like the sensex” assuch price fluctuations make it very difficult for an industryto work, she added.

Iron ore prices rose to their highest since August 2014 lastmonth in China, the world’s top producer and consumer of steel.

With Beijing expected to boost infrastructure spending, ironore, which is used to make steel, could rallyfurther.

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