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India's largest iron ore producer, state-controlled NMDC, registered higher iron ore sales and production in September as steel demand firmed.
NMDC's iron ore sales rose 7pc on the year and 3pc on the month to 2.91mn t, while output rose 1.5pc on the year and 10pc on the month to 2.73mn t.
Domestic steel demand improved last month as lower prices boosted pre-festive restocking. Steel consumption typically increases from September as the monsoon season fades and construction activities pick up.
But the producer's April-September iron ore sales dropped by 11.6pc on the year to 16.36mn t, while production during the same period fell by 8.6pc against the previous year to 16.18mn t, on account of a 15pc export tax on steel that weighed on shipments.
NMDC aims to produce 46mn-47mn t in the current 2022-23 fiscal year ending 31 March, compared with 42mn t in the previous fiscal year.
The daily Argus ICX 62pc iron ore index was at $96.15/dry metric tonne today, down 19pc from a year earlier.
argusmedia
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