Indian state-owned National Mineral Development Corporation’s (NMDC) iron ore production fell by 2.4pc in October to 2.43mn mt from the prior year. Sales decreased by 3.45pc to 2.52mn mt from Oct 2019.
In the April- Oct period, the company’s iron ore production declined by 8.1pc to 14.66mn mt, while sales fell by 9.98pc to 15.43mn.
NMDC Chhattisgarh unit accounted for 72pc of the total production with 10.5mn mt, while Karnataka contributed the rest with 4.91mn mt in Apr-Oct 2020.
Iron ore prices
NMDC has been raising its iron ore prices for successive months since July. The total price hike from April to October 2020 amounted to around Rs1,000/mt, in-line with a price rise in the international market. International iron prices, however, have softened since early October, after reaching $124/mt cfr China, and are now at $110-112/mt CFR China.