NMDC 2010/11 volumes up 9%, raises ore prices
India's top iron ore miner NMDC Ltd on Friday reported a 9.3% jump in its 2010/11 sales volumes and said it has increased lump ore prices by 10% over March quarter prices, with immediate effect.
April 01, 2011 / 20:39 IST
India's top iron ore miner NMDC on Friday reported a 9.3% jump in its 2010/11 sales volumes and said it has increased lump ore prices by 10% over March quarter prices, with immediate effect.
"These prices are provisional and will get adjusted as soon as international iron ore prices are settled," NMDC said in a statement, adding, fine ore prices remain unchanged.The state-run firm said its sales volume in the 2010/11 fiscal year, which ended on March 31, provisionally rose to 26.33 million tonnes, from 24.09 million tonnes in the previous year, helped by higher demand from domestic customers and improved rake supply by the railways.NMDC's ore output rose 6% to 25.19 million tonnes in the just concluded fiscal year.The company is likely to increase its 2010/11 turnover by more than 80%, helped by rising iron ore prices in the fiscal year, NMDC said in the statement.Spot iron ore prices hit record peaks near USD 200 a tonne in mid-February, but have slipped about 10% since.The improved performance will also be reflected in higher profit for 2010/11 fiscal year, NMDC added.In February, NMDC Chairman Rana Som had said the company hopes to touch 30 million tonnes output in the 2011/12 fiscal year. Discover the latest Business News, Sensex, and Nifty updates. Obtain Personal Finance insights, tax queries, and expert opinions on Moneycontrol or download the Moneycontrol App to stay updated!
