Davis Index – Daily metal prices, scrap prices & global metal market

Indian mineral producer National Mineral Development Corporation’s (NMDC) iron ore production rose by 14.9pc in August to 1.62mn mt from prior-year. Iron ore sales increased by 20.13pc to 1.79mn mt from the prior-August. 


In August, the company had increased prices of iron ore twice by around Rs500-600/mt on increased procurement of iron ore from the steel mills.


Major primary steel producers increased their capacity utilization to above 80pc following a recovery in the domestic steel demand in addition to continuous demand from the export market.


On a cumulative basis, in April-August, the company’s iron ore production decline by 11.8pc to 10.42mn mt and sales fell by 14.42% to 10.8mn mt. 


NMDC’s Chhattisgarh unit accounted for 71pc of the total production i.e 7.38mn mt and Karnataka contributed the rest of 3.04mn mt in Apr-Aug 2020 period.

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