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According to the Press Information Bureau of India (PIB), the country's mineral production industry substantially increased in February 2024. The February mineral production index (MCDR) was 139.6, 8% higher than in 2023. This index's cumulative growth rate from April to February of FY24 was 8.2% greater than the same period the previous year. When compared to the same month the previous year, some non-fuel minerals such as bauxite, chromite, copper concentrate, gold, zinc concentrate, manganese ore, phosphate, diamond, graphite, limestone, and magnesite showed positive growth in February 2024.
Iron ore and Limestone together account for about 80% of the total MCDR mineral production by value. As per provisional figures, the country's production of these key minerals exhibited high growth in FY24. Iron ore production has increased from 230 million metric tonnes (MMT) during the 11-month period April-Feb of FY23 to 252 MMT during the corresponding period of FY24, at 9.6% growth. The full-year production of iron ore in FY24 is likely to break the production record of 258 MMT achieved in FY23. Showing a similar trend, limestone production has increased from 366 MMT during the 11-month period April-Feb of FY23 to 407 MMT during the corresponding period of FY24, at 11.2% growth. It has already surpassed the full-year production record of 406.5 MMT achieved in FY23.
In the non-ferrous metal sector, primary Aluminium production increased from 37.11 lakh tonnes (LT) during the 11-month period April-Feb of FY23 to 38.02 LT during the corresponding period of FY24, at 2.5% growth. The full-year production of primary Aluminium in FY24 is likely to break the production record of 40.73 LT achieved in FY23.
India is the 2nd largest Aluminium producer, 3rd largest lime producer and 4th largest iron ore producer in the world. Healthy growth in iron ore and limestone production reflects the robust demand conditions in the user industries, viz., steel and cement. Coupled with Aluminium's high growth, these trends point towards strong economic activity in user sectors such as energy, infrastructure, construction, automotive and machinery.
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