It doesn’t matter much in overall scheme of things. India needs close to 200mnt of iron ore and that demand is growing at 7-8% so around 15-16mnt per year. Despite all these expansions, iron ore supply won’t over run the demand. Secondly, most of these companies are integrating into steel and steel can be exported in worst case. Here too the key driver of steel price is China’s exports. The key differentiation will come from cost of production.
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