NMDC hikes August Iron Ore prices by 9%

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Biznextindia : Indicating revival in demand after opening of economic activities, Public Sector Iron Ore miner NMDC has hiked its Iron Ore prices by 9 per cent for the month of August.  While the Sized Iron Ore prices (65.5%, 6-40mm) has been hiked by 8 per cent to Rs.2650 per tonne from Rs.2450 in July. Similarly, Iron Ore fines(64%, -10mm) prices has been hiked by 9 per cent Rs.2360 per tonne.

The miner has reported 12 per cent rise in its monthly production to 2.19 Million Tonnes (MT) in July 2020 from 1.94 MT in July 2019. However, the July output has dropped by 13 per cent on monthly basis from 2.52 MT in June 2020. Out of the 2.19 MT production in July, NMDC’s mines located in Chhattisgarh have contributed 1.56 MT and Karnataka mines contributed 0.63 MT. NMDC’s monthly sales has also increased by 6 per cent to 2.57 MT in July 2020 from 2.41 MT in July 2019.

Meanwhile, NMDC has reported cumulative Iron Ore production of 8.80 MT in the April-July period from 10.41 MT in the corresponding period of 2019, a drop of 15 per cent. The sales during this period has also dropped by 19 per cent to 8.98 MT.

Sumit Deb takes charge as CMD, NMDC

Hyderabad: Sumit Deb has assumed charge as Chairman-cum-Managing Director of NMDC Limited on 01 August 2020. Prior to assuming the role of CMD, NMDC, Deb was Director (Personnel) and succeeds N. Baijendra Kumar, IAS, who has superannuated from the services of the Corporation yesterday. Mr. Deb has diverse experience in manpower & succession planning, training & development and other HR functions. He also has experience in the marketing and distribution of steel & iron ore, sponge iron, pellets and diamonds.

 

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