NMDC in demand after strong off take

The state-owned miner National Mineral Development Corporation said its iron ore production rose 12.89% to 2.19 million tonnes (MT) in July 2020 from 1.94 MT produced in July 2019.

Iron ore sales climbed 6.6 percent to 2.57 MT in July 2020 as against 2.41 MT in July 2019. The announcement was made during market hours today, 3 August 2020. Sequentially, production declined 13.1 percent in July 2020 from 2.52 MT in June 2020. Sales rose 3.63 percent during the month from 2.48 MT in June 2020.

Further, NMDC revised prices of iron ore with effect from 31 July 2020. The company hiked prices of lump ore by Rs 200 or 8.16 percent to Rs 2,650 per ton. Prices of fines were hiked by Rs 200 or 9.26 percent to Rs 2,360 per ton. On a consolidated basis, NMDC’s net profit slumped 76.1 percent to Rs 347 crore on 12.5 percent fall in net sales to Rs 3,187.34 crore in Q4 March 2020 over Q4 March 2019.

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