Amit Dixit, Lead Analyst- Metals, Logistics and Defence, ICICI Securities, states while worldwide iron ore rates have actually cooled down, in India, we still do not see NMDC taking a rate cut and export rates are still at a premium, the landed expense of imports, is still at a premium. If the steel costs are under pressure, iron ore rates can likewise be under pressure possibly. NMDC might perform some minimal cuts in April, however it might be really minimal, unlike the remainder of the world. How are you taking a look at the general steel rates? Do you believe now there is a strong case for a decrease in rates, provided the fall that we have seen in iron ore rates? Amit Dixit: If you take a look at it from the Indian point of view, steel costs were decreasing through this quarter, something which is extremely unseasonal due to the fact that this is a seasonally strong quarter. Having stated that, we were having a really strange case where spreads were contracting due to the fact that on one hand, steel rates were decreasing and on the other, iron ore rates stayed company. Now, while international iron ore rates have actually cooled down, in India, we still do not see NMDC taking a cost cut and export rates are still at a premium, the landed expense of imports, that is, they are still at a premiu
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