You make a valid point @Kaustav_Gupta
Perhaps I did not put my point across properly. The price differential between the landed cost of captive iron ore & its market price amounts to the extraordinary profits that mining Co.'s like Godawari are assured of. Over the last several years starting 2018, which include the Covid years, the average operating profits of Godawari has been around 24%. Unless there is a drastic/ unprecedented fall, by & large mining Co.'s have enough margins to absorb the shock. Further, if there is indeed such a fall, then iron & steel prices too are likely to fall drastically, thereby wiping out profits for the steel companies. My limited point is that captive mining Co.'s in India with long mining leases still to go are better equipped to handle volatility.
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