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Morgan Stanley On NMDC

NMDC Ltd. has cut iron ore prices by 9% and fines prices by 10%

Domestic iron ore fines price discount to import parity prices has contracted to 57% from 53%

This is a surprise to the brokerage.

Morgan Stanley expected domestic iron ore prices to be stable or rise somewhat in the near term

The brokerage sees this as incrementally positive for JSW Steel/Jindal Steel given their partial dependency on external iron ore

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