India: NMDC Iron Ore Production Fall 28% in Aug’19
NMDC- India's largest iron ore producer registered 28% decline in production for the month of Aug'19 at 1.41 MnT as against 1.95 MnT a month ago. On yearly basis too, production fell by 4% as compared to 1.46 MnT in Aug’18. The production has witnessed a fall amid heavy rains & monsoons and prolonged closure at Donimalai mines. Out of the total production of 1.41 MnT in Aug, 0.79 MnT were from Chhattisgarh mines (down 32% M-o-M), while remaining 0.62 MnT (down 22%) stood from Karnataka mines.
In Aug'19 Govt of Karnataka, decided to cancel the lease renewal order of NMDC's Donimalai mines in Karnataka in an order dated 17 Aug '19 and further put for an auction sale of the expired mine lease block. Following this, NMDC had requested the Government of Karnataka to withdraw its letter stating withdrawal of NMDC Donimalai lease renewal and requested for urgent hearing on the matter by filing revision application. After this, Central Govt. mines tribunal has put a stay until the next date of hearing regarding cancellation of the lease renewal order of NMDC's Donimalai mines and on an auction for sale.
NMDC iron ore sales fell 38% in Aug’19
NMDC iron ore sales in Aug'19 recorded at 1.49 MnT down 38% as compared to 2.41 MnT in July'19. On yearly basis too, sales have dropped sharply by 36% as against 2.32 MnT in Aug'18. Sales from Chhattisgarh mines witnessed at 1.05 MnT and sales from Karnataka mines at 0.44 MnT, down sharply by 46%.
Amid weakening steel prices, NMDC reduced iron ore fines and lump prices towards Aug end by INR 200/MT in both Chhattisgarh & Karnataka, also lowered DRCLO prices by INR 230/MT.
source: SteelMint
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