Posted on 03 Jan 2023
India's largest iron ore producer NMDC's sales and production fell on the year in December as steel demand remained slow.
The state-controlled producer's iron ore sales fell by 2.4pc on the year to 3.32mn t in December but rose by 9.2pc on the month, while its output declined by 8.6pc from a year earlier but remained unchanged on the month at 3.61mn t.
India withdrew export duties on steel products and iron ore on 19 November, but cheaper imports and a lacklustre international market kept demand in check.
The producer's sales were lower by 9pc on the year at 25.8mn t during the April-December period, while output fell by 4.9pc against the previous year to 26.93mn t. The company aims to produce 46mn-47mn t of iron ore in the April 2022-March 2023 fiscal year, compared with 42mn t during 2021-22.
NMDC increased domestic prices by 200 rupees/t ($2/t) from November to Rs4,300/t for lump with 65.5pc Fe and by Rs500/t to Rs3,410/t for 10mm fines with 64pc Fe.
The daily Argus ICX 62pc iron ore index was at $117.60/dry metric tonne on 30 December, down by 1pc from a year earlier but up by 16pc on the month.
Source:Argus Media
