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The biggest iron ore miner in the country, NMDC, announced a 37% decrease in production in May 2024 to 2.34 million tonnes (MT). The company produced 3.71 MT of iron ore in the same month last year, according to an exchange filing.
Additionally, NMDC's monthly sales decreased by 22% from 3.62 MT in May 2023 to 2.82 MT in May of this year. From 7.22 MT in April and May of last year to 5.82 MT in April and May of 2024, the company's cumulative iron ore output decreased. Sales decreased from 7.05 MT in April-May 2023 to 6.35 MT during the specified period.
On Tuesday, NMDC increased the prices of lump ore by ₹250 a tonne and fines by ₹350 per tonne with immediate effect. The miner revised the cost of lump ore to ₹6,450/tonne and fines to ₹5,610 per tonne. Under the Ministry of Steel, Hyderabad-brd NMDC caters to India's around 20% demand for the key steel-making raw material.
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