Davis Index: Market Intelligence for the Global Metals and Recycled Materials Markets

State-owned National Mineral Development Corporation (NMDC) reported 88.89pc surge in iron ore production to 3.06mn mt in August from the previous year. Sales also increased by 62.57pc to 2.91mn mt during the same period.


Iron ore production remained unchanged as compared to July, while sales declined by 12pc during the same period. 


In the months of April-August, Chhattisgarh contributed 68pc of 15.02mn mt of the total production while the rest was produced in the Karnataka mines.


International iron ore prices have jumped from $108/mt in July 2020 to reach an all-time high of around $233/mt in May, however, prices have softened and are currently around $153/mt.


Meanwhile, pellet sponge prices also peaked at Rs32,000/mt (438/mt) ex -works Raipur in mid-August but declined since then and presently hovers at Rs30,000/mt ($410/mt).


($1= Rs73.08)

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