Indian steel producers have faced a torrid spell on the margins front over the past year. Soaring coking coal prices and limited pricing power have squeezed players such as JSW Steel and SAIL. A silver lining for several Indian steel producers was iron ore pricing. Domestic miners such as NMDC sell their ore at prices far below international prices. Better still, Tata Steel and SAIL have their entire requirement of iron ore mef by captive mines. This is a substantial competitive advantage.
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