State-owned National Mineral Development Corporation (NMDC) reported a rise in iron ore production by 34.7pc to 8.89mn mt in Q1 (Apr-June) from the previous year quarter. Sales also increased by 49.3pc to 9.57mn mt during the same period.
The company’s iron ore production saw an increase of 17pc to 2.98mn mt and sales was up by 28.23pc to 3.18 mn mt in June 2021 as compared to that of 2020. This increase can be attributed to the reopening of the Donimalai mines in Karnataka where production started from March this year.
In the months of April-June 2021, Chhattisgarh contributed 67pc of 5.93 mn mt of the total production while the rest was produced in the mines in Karnataka.
International iron ore prices have shot up from $108/mt in June 2020 to reach an all-time high of close to $233/mt in May 2021, however, prices have softened since then and is currently at around $220/mt.