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Indian private-sector resources firm Vedanta's iron ore production fell by 17pc in July-September compared with the same period a year earlier as a result of heavy rainfall.
The company's saleable iron ore production stood at 1.08mn t over the three-month period, while sales edged up by 2pc against the previous year, to 1.34mn t.
Vedanta's pig iron production declined by 42pc from a year earlier to 121,000t in July-September after the firm shut down its smaller blast furnaces.
Steel and raw materials consumption typically slows during the monsoon season, which hinders construction activity. And a 15pc export tax on steel products and 50pc on all grades of iron ore imposed by the government in late May prompted Indian mills to reduce production to maintain the domestic supply-demand balance.
Vedanta's total finished steel production in July-September rose by 11pc on the year to 325,000t, supported by the completion of debottlenecking activities in April-June.
The daily Argus ICX 62pc iron ore index was at $96.15/dry metric tonne today, down by 19pc from a year earlier.
argusmedia
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