State-owned National Mineral Development Corporation (NMDC) reported a 39.73pc surge in iron ore production to 3.06mn mt in July from the previous year. Sales also increased by 28.02pc to 3.29mn mt during the same period.
The company’s iron ore production from the mines in Karnataka and Chhattisgarh witnessed a growth of 55.6pc to 0.98mn mt and 33.3pc to 2.08mn mt, respectively, in July as compared to the prior-year period.
In the months of April-July, Chhattisgarh contributed 67pc of 8 mn mt of the total production while the rest was produced in the mines in Karnataka.
International iron ore prices have shot up from $108/mt in July 2020 to reach an all-time high of close to $233/mt in May, however, prices have softened and are currently at around $180/mt.