Indian state-controlled iron ore producer NMDC's output for the April 2022-March 2023 fiscal year fell by 2.3pc from a year earlier to 41.22mn t.
Its iron ore sales fell by 5.7pc to 38.25mn t during the same period.
Production in March rose by 12pc against the previous year to 5.6mn t, while sales for the month increased by 15pc to 4.84mn t.
NMDC said in February it would end 2022-23 with production of 42mn t against an earlier guidance of 46mn-47mn t. An export duty on steel and iron ore last year from May to November weighed on steel exports, while logistical challenges to transport iron ore also hindered sales.
The company aims to produce 50mn t in 2023-24 and venture into the export market for low-grade iron ore because of higher international prices of the raw material.
NMDC increased its monthly domestic prices on 21 March by 100 rupees/t ($1.20/t) to Rs4,500/t for lump with 65.5pc Fe and by Rs200/t to Rs4,110/t for 10mm fines with 64pc Fe.
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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