Country’s largest iron ore miner NMDC has reported a 37% fall in its production at 2.34 million tonnes (MnT) in May 2024. It had produced 3.71 MnT of iron ore in the same month last year, the company said in an exchange filing on Saturday.
NMDC’s monthly sales also declined by 22% to 2.82 MnT in May this year from 3.62 MnT in May 2023.
The company’s cumulative iron ore output fell to 5.82 MnT in April-May 2024 from 7.22 MnT in the year-ago period.
Sales during the said period were at 6.35 MnT, down from 7.05 MnT in April-May 2023.
On Tuesday, NMDC had increased the prices of lump ore by INR 250 a tonne and fines by INR 350 per tonne with immediate effect.
The miner revised the cost of lump ore to INR 6,450/tonne and fines to INR 5,610 per tonne.
Under the Ministry of Steel, Hyderabad-based NMDC caters to India’s around 20% demand for the key steel-making raw material.