State-owned National Mineral Development Corporation reported no iron ore export sales in Q1 FY22 from 300,000mt in the prior year period and 820,000mt in the previous quarter, according to recent investor presentation.
NMDC had indicated, they would be diverting their sales in the domestic market in the previous-quarter earnings call.
Previously, the company had exported iron ore to South Korea and Japan under the six-decade agreement which was discontinued in March, this year, due to the ongoing shortage of iron ore in the domestic market.
The company exported 2-2.5mn mt of high grade iron ore, annually which NMDC believes can be sold in the domestic market as demand remains healthy.
NMDC reported a surge of 34.7pc in iron ore production to 8.89mn mt and an increase of 49.3pc in sales to 9.57mn mt in Q1.
The company’s net profit soared by 499pc to Rs3,1930mn ($430mn) in Q1 FY22 compared to prior year.