After reducing the prices of iron ore for domestic steel mills in the October-January period, state-owned miner NMDC is considering a price rise in February.

The company’s board is likely to meet next week to decide on the issue. “The company has taken a policy decision to revise iron ore prices every month. In line with the policy, the board would meet early next week,” sources said. They added the rise could be between Rs 200 and Rs 400 a tonne and. It would be based on factors such as demand and supply, prices elsewhere and the recent rise in international prices, they said. In the past two months, prices of iron ore in the international markets have risen significantly. Currently, it is traded at $140-145 a tonne, about 61 per cent higher than in September.