NMDC Registers Higher Iron Ore Production, Dispatches In Q3
Vishal Sawant / 07 Jan 2014
During the quarter, the company registered a 37% jump in iron ore production and iron ore dispatches rose 40% from that in the same quarter last year.
State-controlled iron ore producer NMDC registered a 37% jump in iron ore production at 73.05 lakh tonnes during the third quarter (Q3) of the 2014 fiscal as against a production of 53.32 lakh tonnes for the corresponding period last year. Iron ore dispatches rose 40% to 74.33 lakh tonnes in Q3 compared with 53.10 lakh tonnes in the same quarter last year.
Iron ore is a raw material used in making pig iron, which is one of the main raw materials for manufacturing steel. Recent months have seen a strong demand for iron ore due to lower scrap imports and higher sponge iron production. In the last quarter, reduced iron ore availability and higher ore requirement from the iron producer have helped miners to hike prices. Thus, firm iron ore prices benefit NMDC in the short term.
NMDC has stated that it is geared to not only sustain the uptrend in production, but also to improve its performance further in Q4 of the current fiscal to meet the rising demand from the steel industry.