India: NMDC Iron Ore Sales Surge in May'19
NMDC- India's largest iron ore producer registered 25% increase in sales for the month of May'19 at 3.37 MnT as against 2.7 MnT a month ago. The miner had rolled over prices for May'19 deliveries.
Prior to this, the miner had cut iron ore fines and lump prices by INR 150/MT for April. Out of the total sales, 2.61 MnT sales were from Chhattisgarh mines (up 20% M-o-M), and remaining 0.76 from Karnataka mines (up 46% on monthly basis). On yearly basis, total sales recorded rise of 46% compared to 2.31 MnT in May'18.
NMDC iron ore production up marginally in May'19
NMDC iron ore production in May'19 recorded at 3.04 MnT up 5% as against 2.9 MnT in Apr'19. However, on yearly basis production moved up sharply by 43% as against 2.12 MnT in May'18. Production from Chhattisgarh mines witnessed stability M-o-M at 2.23 MnT however, output from Karnataka mines picked up for the month by 17% to 0.81 MnT.
NMDC production for FY 20 (Apr-May'19) recorded at 5.94 MnT, up 31% compared to 4.53 MnT in FY19 (Apr-May'18). NMDC's Donimalai iron ore mines in Karnataka continue to remain suspended since Nov'18 amid reserved Judgement by High Court.
As per SteelMint analysis, NMDC iron ore production and sales may remain slightly lower in Jun'19 amid tribal agitation caused at Kirandul and Bacheli facility caused in last few days. As per orders by Honarable CM of Chhattisgarh, mining was halted at Kirandul on 7th June and at Bacheli on 11th June. However later, the operations resumed on 13th June'19.
source: SteelMint
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