NMDC Reports Drastic 37% Drop in Iron Ore Production for May 2024

NMDC, India's largest iron ore miner, reported a 37% production drop in May 2024 to 2.34 million tonnes, compared to 3.71 million tonnes in May 2023. The company's sales also fell by 22% to 2.82 million tonnes for the month. Additionally, NMDC increased ore prices on Tuesday.

In a significant development, India's largest iron ore miner, NMDC, announced a staggering 37% decline in production for May 2024, amounting to just 2.34 million tonnes compared to 3.71 million tonnes in the same period last year. This revelation was made through an official exchange filing on Saturday.

NMDC's monthly sales figures also took a hit, plummeting by 22% to 2.82 million tonnes from the 3.62 million tonnes recorded in May 2023. The cumulative iron ore output for April-May 2024 saw a drop to 5.82 million tonnes, down from 7.22 million tonnes in the previous year.

Adding to the critical situation, NMDC announced on Tuesday a hike in lump ore prices by Rs 250 per tonne and fines by Rs 350 per tonne. The revised prices set the cost of lump ore at Rs 6,450 per tonne and fines at Rs 5,610 per tonne. Under the aegis of the Ministry of Steel, NMDC caters to approximately 20% of India's iron ore demand, making these figures particularly impactful.

(This story has not been edited by Devdiscourse staff and is auto-generated from a syndicated feed.)