India’s national mining industry raises iron ore prices by more than 10% in September

India’s largest iron ore producer, the National Mining Development Corporation of India (NMDC), recently raised its iron ore price in September by more than 10%, or 300 rupees/ton (approximately RMB 27.85), starting September 5, 2020 Take effect.

It is reported that the National Mining Development Corporation of India increased the price of lump ore in September from Rs 2,950/ton in August to Rs 3,250/ton, an increase of 10.17%; it increased the price of fine ore from Rs 2,660/ton in August to Rs 2,960/ton. Tons, an increase of 11.28%.

According to the quarterly operation report released by the National Mining Development Corporation of India, in the first quarter of the 2020-2021 fiscal year (April to June), the company produced 6.605 million tons of iron ore, a year-on-year decrease of 22% and a month-on-month decrease of 30%. Iron ore sales volume was 6.275 million tons, a year-on-year decrease of 28% and a month-on-month decrease of 27%.

The report shows that from April to June, the company’s iron ore sales were 19.23 billion rupees (1.792 billion yuan), down 40% year-on-year and 39% month-on-month; total revenue was 20.09 billion rupees, down 41% year-on-year; turnover was 193.8 Billion rupees, down 41% year-on-year; net profit was 5.33 billion rupees, down 55% year-on-year.