NMDC iron ore production jumps 13 per cent in July

Government-owned iron ore producer, NMDC Limited published its production and sales data for the month of July 2020.

The company has witnessed a significant jump in sales and production during July 2020 as against July 2019.

During July 2020, the company has managed to achieve a healthy performance amid the current uncertain situation due to COVID-19. The company’s production and sales volume stood at 2.19 MT and 2.57 MT, showing growth by 13 per cent and 7 per cent, respectively on a YoY basis.

The company’s project situated at Chhattisgarh has witnessed 35 per cent rise in production to 1.56 MT in July 2020 as against 1.16 MT in June 2020. The company has also achieved record sales in July 2020 by selling 1.90 million tonnes of iron ore in July 2020 as against 1.60 million tonnes in July 2019, registering 20 per cent jump on YoY basis.

Recently, the company has revised prices of iron ore with effect from July 31, 2020. The company hiked prices of lump ore by Rs 200 to Rs 2,650 per tonnes. Prices of iron ore fines were hiked by Rs 200 to Rs 2,360 per tonne.

NMDC Limited is a Navratna PSE under the Ministry of Steel, Government of India. It is the single largest producer of iron ore in India. It is considered to be one of the low-cost producers of iron ore in the world. The company owns and operates Hailey merchandise iron ore mines in Chhattisgarh and Karnataka. Apart from this, it also operates India's only merchandise diamond mine in Panna (Madhya Pradesh).