Indian private-sector resources firm Vedanta's iron ore sales dropped by 18pc from a year earlier to 5.6mn t during the April 2022-March 2023 fiscal year.
The company's saleable iron ore production remained flat against the previous year at 5.4mn t during 2022-23.
Vedanta's January-March iron ore sales fell by 28pc from a year earlier to 1.7mn t, while its production increased by 12pc to 1.6mn t.
Its January-March pig iron production rose by 4pc to 186,000t, while a relining shutdown in its smaller blast furnace saw it fall by 7pc against October-December 2022. Pig iron output for 2022-23 fell by 12pc from the previous year to 695,000t because of blast furnace shutdowns during the year.
An export tax of 15pc on steel products and 50pc on iron ore imposed by the Indian government during May-November 2022 weighed on output as shutdowns were taken to balance supply-demand fundamentals.
Vedanta's total finished steel production during 2022-23 rose by 2pc to 1.28mn t, while January-March output rose by 18pc from a year earlier to 387,000t on the back of debottlenecking carried out earlier in the year.
The daily Argus ICX 62pc cfr Qingdao iron ore index was at $120.05/dry metric tonne on 4 April, down by 25pc from a year earlier and by 4.1pc against the previous month. argusmedia.com
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