Iron ore production in India has moved up by 10% M-o-M in May this year, according to the provisional data released by the mines ministry.
The total Iron ore output stood at 13.1 million tons (MnT) for the month of May, as compared to 11.9 MnT in April (Rise of 5% M-o-M) and 11.3 MnT in March this year.
The increase in supply of Iron ore in the last few months, coupled with weakening demand, is understood to be the reason as to why miners based in the state of Odisha and Chhattisgarh have been lowering prices.
Nations total Iron ore output for FY 13 came down by 14% Y-o-Y to 143 MnT in comparison to 167 MnT produced in FY 12.
Industry is hopeful that the recent improvement in production figures shown above i.e. in April and May and expectations of Sesa Goa's Karnataka mines to resume mining operations in the current month, should result in high Iron ore production for FY 14.
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