Growth in mining sector: Iron ore production hits 275 MMT, limestone at 450 MMT in FY24

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Growth in mining sector: Iron ore production hits 275 MMT, limestone at 450 MMT in FY24

Ferrous 01 Jul 2024 12:28 PM IST PIB

India's production of critical minerals has increased significantly, with iron ore and limestone at all-time highs in fiscal year 2023-24. The country produced 275 million metric tonnes (MMT) of iron ore and 450 million metric tonnes of limestone during this period, indicating tremendous growth in these critical sectors.

Continuing this trend, early data from FY 2024-25 (April-May) show that these industries will continue to rise. Iron ore production increased by 4% to 52 MMT from 50 MMT in the equivalent months of the prior year. Additionally, limestone production grew by 2.6%, from 77 MMT to 79 MMT.

Furthermore, manganese ore production has increased significantly by 16.7%, reaching 0.7 MMT in the same time frame.

The non-ferrous metals sector is also witnessing positive trends, with primary aluminium production growing by 1.2% year-over-year, from 6.90 lakh tonnes in FY 2023-24 (April-May) to 6.98 lakh tonnes in FY 2024-25 (April-May). These trends underscore India's position as a leading global producer of these minerals, ranked as the second-largest producer of aluminium, the third-largest producer of limestone, and the fourth-largest producer of iron ore.

The continued growth in production highlights robust demand conditions in user industries such as steel and cement for iron ore and limestone, as well as in sectors like energy, infrastructure, construction, automotive, and aluminium machinery. This ongoing expansion in mineral production points to robust economic activity in these critical sectors.

Also Read : Iron ore set for $100 test after slump on China demand fears Pricey ore, tepid local demand, Chinese imports weigh on steelmakers' margins

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Growth in mining sector: Iron ore production hits 275 MMT, limestone at 450 MMT in FY24

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