NMDC iron ore production for the quarter witnessed at 8.46 MnT, up by 23% Y-o-Y, SteelMint learned from sources. However production is down by 20% as against 10.6 MnT in Q4 FY19.
NMDC iron ore production was impacted amid tribal agitation caused at Kirandul and Bacheli facility. As per orders by Honarable CM of Chhattisgarh, mining was halted at Kirandul on 7th June and at Bacheli on 11th June. However, the operations resumed on 13th June'19. Also, NMDC's Donimalai iron ore mines in Karnataka continue to remain suspended since Nov’18 amid reserved Judgement by High Court.
NMDC iron ore sales up 28% Y-o-Y in Q1 FY20
NMDC iron ore sales marked increase of 28% to 8.73 MnT against Q1 FY19. However marked 15% fall as against 10.25 MnT in Q4 FY19.
India's coated steel prices remained flat this week, as demand stayed slow after the festive season ended in October.
Seaborne floating premiums for PB fines have halved since early October, pressured lower by weakness in China's portside markets.
India's polyethylene (PE) demand is expected to remain at around 8pc until 2021, before being spurred on by economic and infrastructural growth, according to state-controlled gas distributor and petrochemical producer Gail.
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Canberra will announce a package of measures to support its rare earth mining sector as it works closely with the US to secure the supply of critical minerals for defence.
India's steel demand growth will remain stable in the October 2019-March 2020 period at around 5pc, forecasts domestic private-sector producer JSW Steel, amid reviving sales for the construction, solar appliances and pipe sectors.