National Mineral Development Corporation reported a rise in its iron ore production by 8.3pc to 34.11mn mt in FY2021 from the prior year. Sales increased by 5.59pc to 33.27mn mt in the period.
The company’s performance was aided by healthy demand and growth recorded in the third and fourth quarter of FY21. The COVID-19 pandemic impacted NMDC’s output with loss pegged at 1.8mn mt in Q1 FY21. After the government eased restrictions, the company gradually ramped-up the production second quarter onwards.
In March 2021, company’s iron ore production surged by 65.58pc to 4.57mn mt as compare to March 2020. Sales were up by 51.11pc at 4.08mn mt in the same period.
International iron ore prices shot from $80/mt in April 2020 to around $165/mt on the last week of March 2021.
Indian iron ore pellet prices also reached at an all-time-high and are now at Rs13,000-13,500/mt ex -works Raipur.