Indian state-controlled mining company NMDC increased its iron ore output by 18pc on the year to 4.6mn t in February, while sales were unchanged.
Output was up by about 1pc on the year over April-February, at 40.5mn t. India's total iron ore production rose by 3.5pc to 236mn t in April-January, according to provisional data from the mining ministry.
NMDC's iron ore sales were flat compared with a year earlier in February, at 3.98mn t. Its sales fell by about 1pc on the year in April-January, to 40.2mn t.
The firm cut its iron ore prices in January owing to weakness in the domestic steel market. NMDC supplies iron ore to major Indian steelmakers such as JSW Steel and Jindal Steel and Power. NMDC's 65.5pc lump ore and 64pc fines were priced at 6,000 rupees/t ($69/t) and Rs5,060/t, respectively, in January — down by Rs350/t from when the prices were last changed in October. NMDC kept its prices unchanged over October-December.
NMDC hopes to keep prices stable for as long as possible and for any future changes to be small, it said last month .
