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Spot iron ores prices, which were subdued for quite some time, has picked up its pace since beginning of June. Chinese steel mills had aggressively run down iron ore inventory levels during May, owing to speculation that power shortage would dampen the iron ore prices. The prices had steadily gone down in the Month of May as Mills restrained from buying and keeping the production level under par. Chinese mills are yet to secure supply commitments from Indian suppliers for the third and fourth quarter of 2011. The current upward movement in prices have created urgency with the steel mills to secure supplies the earliest at the current market price.
SpiceJet has won the coveted ICWAI award for excellence in Cost Management. The award was presented by The Ministry of Corporate Affairs, Government of India recently. Nandan Mimani, Vice President Finance and Financial Controller represented the company to collect the award. SpiceJet was one out of three companies from the private sector who won this award.