National Mineral Development Corporation (NMDC) – India’s largest iron ore producer recorded a drop of 7% in its monthly iron ore production in Aug’17.
The miner produced 2.25 MnT iron ore in Aug against 2.41 MnT in Jul’17. NMDC iron ore production from Chhattisgarh fell 7% M-o-M and that from Karnataka also decreased by 7% in Aug. However Y-o-Y against Aug’16, production was up by 5%.
So far in FY18 (till Aug) NMDC produced 13.18 MnT iron ore, up 13% Y-o-Y.
Out of 13.18 MnT iron ore produced, 8.12 MnT was produced from NMDC’s Bailadila mines in Chhattisgarh. And rest 5.06 MnT was produced from its mines in Karnataka.
NMDC iron ore sales up 4% M-o-M in Aug’17 – NMDC’s iron ore sales stood at 2.95 MnT in Aug’17 against 2.83 in Jul’17 up 4% M-o-M. Out of total 14.99 MnT iron ore sales during Apr-Aug’17 sales from Chhattisgarh and Karnataka mines were at 9.32 MnT and 5.67 MnT respectively. NMDC’s monthly iron ore sales from its Chhattisgarh mines have increased by 4% M-o-M and by 5% M-o-M from Karnataka mines.
NMDC achieved nearly 19% yearly growth in its iron ore output last fiscal and produced 34.15 MnT against 28.58 MnT in FY16. The iron ore miner significantly raised its iron ore output from Chhattisgarh mines from 16.6 MnT in FY16 to 22.03 MnT in FY17.
So far in this fiscal (till Aug’17) NMDC has sold 5.98 MnT iron ore via Karnataka e-auctions. Out of the total quantity sold by NMDC, JSW Steel remained the largest buyer with share of 80% (4.8 MnT) followed by BMM Ispat and Gerdau Steel.
NMDC (Chhattisgarh) has sold nearly 8.70 MnT iron ore so far in this fiscal (till Aug’17). Major buyers were – Essar Steel (2.85 MnT), Vizag Steel (2.44 MnT), JSW Steel (0.76 MnT) and KIOCL (0.62 MnT). State based units procured 0.58 MnT iron ore. And about 1.24 MnT iron ore was exported under long term agreements with South Korea & Japan.
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