National Mineral Development Corporation (NMDC) is expecting iron ore prices to gain up to 50% by April. "The rise would be in alignment with the international market," V K Jain, director (production), NMDC, said today."We anticipate the international price for iron ore to increase by 40-50% by April this year," Jain added.Price hikes in the international markets are determined mainly by Australian, Brazilian and Japanese iron ore positions, he added.Jain said NMDC, which has a cash reserve of Rs 6,000 crore, is eyeing acquisitions of iron ore mines in Canada and West Africa. He added that the company was also mulling acquisitions in Australia. "In Australia, we are looking at both coal and iron ore mines for acquisitions," Jain said.
