Iron ore sales from India's largest producer, state-controlled NMDC, fell in November, while output was steady.
NMDC's iron ore production rose by nearly 1pc on the year and was little changed on the month at 3.34mn t in November, while sales fell by 13pc on the year and 20pc from October to 2.88mn t.
April-November output rose by 35.5pc on the year to 24.37mn t, while sales rose by 33pc to 24.96mn t. NMDC aims to produce 44-45mn t in the fiscal year to 31 March 2022 and 50mn t in the next fiscal year. It produced 35mn t in 2020-21.
The producer rolled over iron ore prices in November after reducing them in the previous four months, citing strong domestic demand.
But the company cut prices again this month — by 750 rupees/t ($10/t) to Rs5,200/t for lump with 65.5pc Fe content, and by Rs200 to Rs4,560/t for 10mm fines with 64pc Fe, bringing prices in line with December last year.
The daily Argus ICX 62pc iron ore index stood at $103.50/dry metric tonne (dmt) cfr Qingdao on 1 December, down by 56pc from a record high of $235.55/dmt on 12 May and down by 22pc from a year earlier.
Steel minister Ram Chandra Prasad Singh met the heads of the Steel Authority of India, NMDC and state-owned manganese ore producer Moil last month, directing them to finalise roadmaps for restarting mining operations.
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