“NMCD is to e-auction 2 lac tons of iron ore from the Bellary mines in Karnataka in the current week and will be benefiting from this as the e-auction material will be sold out at good margins”, said Mr. Rana Som, Chairman for NMDC.
Production has been lowered by NMDC from 33,000 tons to 26,000 tons on a daily basis due to built up in inventory levels.
The monthly output stands at 1 million ton per month from the Bellary mines in Karnataka. At present, NMDC is holding a total stock of 1.5 lakh tons of iron ore fines and 92,000 tons of iron ore lumps.
After the Supreme Court order last week, to sell out iron ore only through e-auctions in Karnataka, NMDC has stopped supplying iron ore to companies such as Kudremukh Iron Ore, Ispat Industries and JSW.
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