NMDC cut local iron ore prices by Rs300/t ($3.70/t) to Rs4,200/t for lump containing 65.5pc Fe and by Rs100/t to Rs4,010/t for 10mm fine ore containing 64pc Fe from 21 March.
Prices for lump and fines remained 31 per cent and 22 per cent lower, respectively, compared with a year ago.
India's domestic steel demand was also lacklustre as buyers resisted higher prices due to ample stocks.
NMDC's production in the April 2022-March 2023 fiscal year decreased by 2.3% y-o-y to 41.22 million tonnes, while sales decreased by 5.7% y-o-y to 38.25 million tonnes in the same period. However, it aims to produce 50 million tonnes in the 2023-24 fiscal year.
Comments
No comment yet.