Millennium Post

NMDC’s quarterly iron ore ouput surges by 37%

Last year it produced 5.3 million tons during the same quarter. The despatches registered whopping 40 per cent increase to 7.4 million tons during the October-December quarter against 5.3 million tons in the third quarter of last fiscal, according to official sources. Total production up to 31 December stood at 20.3 million tons and despatches recorded at 21.24 million tons this fiscal. In December, the miner added 2.8 million tons of iron ore production and 2.7 million tons of dispatches to its kitty, they added.

A senior official of NMDC indicated that the PSU would end up between 27-28 million tons of production by the end of the current fiscal. ‘We are concerned more on despatches front rather than production side. Ore evacuation is challenging one,’ the official said.

The company has a total production capacity of 32 MT per annum at its mines in Chhattisgarh and Karnataka. It targets to achieve 40 million tons capacity by 2014-15. According to the official, the prices of iron ore for the month of January will be decided on or before 6 January.

The board meeting is scheduled to be held on that day. The iron ore miner, which follows a monthly pricing system, hiked prices by Rs 200 on both lumps and fines last month. Its current prices are Rs 4,700 a ton for lumps and Rs 3,010 a ton for fines.

The price hike last month was in line with the global pricing of the ore and domestic demand-supply scenario, the official added.
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