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Informist, Monday, Sep 2, 2024

 

--Source: Lower demand hit NMDC Aug iron ore sales

--Source: Rains in Chhattisgarh hit NMDC iron ore output Aug

--Source: NMDC Apr-Aug iron ore output down 13% YoY at 14.43 mln tn

--Source: NMDC Apr-Aug iron ore sales down 7% YoY at 16.27 mln tn

--Source: NMDC Aug iron ore output down 10% YoY at 3.07 mln tn

--Source: NMDC Aug iron ore sales down 11% YoY at 3.14 mln tn

 

By Narayana Krishna

 

HYDERABAD – Rains at mining sites in Chhattisgarh and poor demand from domestic steel mills dragged down public sector mining major NMDC Ltd's iron ore sales and output in August, a source told Informist.

 

NMDC sold 3.14 mln tn of iron ore in August, 11% lower compared to a year ago, while its output was down 10% on year at 3.07 mln tn, the source said. For Apr-Aug, NMDC's iron ore sales declined 7% on year to 16.27 mln tn, while its output fell 13% on year to 14.43 mln tn, the source said. NMDC has set a target of 50 mln tn of iron ore sales for 2024-25 (Apr-Mar).

 

In August, NMDC's Bailadila and Kirandul mining sites saw disruptions due to heavy rainfall and shortage of railway rakes. The company is also facing stiff competition from private iron ore mining companies, which hit its sales and pricing, the source said. And, demand from domestic steel mills is relatively poor due to higher imports of cheaper steel products from China, the source said.

 

At 1328 IST, shares of NMDC were at 215.07 rupees on the National Stock Exchange, down 3.4% from the previous close.  End

 

IST, or Indian Standard Time, is five-and-a-half hours ahead of GMT

 

Edited by Avishek Dutta

 

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