NMDC slashes iron ore price by ₹600/tonne; shares climb 2.5%

In July, the company reduced iron prices from ₹6,450 per tonne to ₹5,950 per tonne. Meanwhile, the price of iron ore fines for the month was reduced from ₹5,610 per tonne to ₹5,110 per tonne.

The company recently announced an 11.06% year-on-year (YoY) decline in total production for the month of July 2024 to 2.17 metric tons. NMDC’s sales in July 2024 rose by 5.15% to 3.06 metric tons.

On a monthly basis, the Chhattisgarh sector’s production fell 17.56% YoY to 1.22 metric tonnes while the production of the Karnataka sector fell by 1.04% YoY to 0.95 metric tons. Meanwhile, the Chhattisgarh sector’s sales grew by 5.94% YoY to 1.96 metric tonnes while the Karnataka sector recorded a 3.77% YoY rise in sales to 1.10 metric tonnes.

Year-to-date (YTD), NMDC’s total production has been lower by 13.61% YoY at 11.36 metric tonnes. At the same time, the total sales YTD came in lower by 5.47% YoY to 13.13 metric tonnes.

The Chhattisgarh sector’s YTD production sank 20.42% YoY to 7.05 metric tonnes while the YTD sales slumped 4.22% YoY to 9.29 metric tonnes.

The Karnataka sector recorded marginal growth in YTD production as it climbed 0.46% YoY to 4.31 metric tonnes. Meanwhile, the YTD sales of the sector fell 8.35% YoY to 3.84 metric tonnes.

Shares of the company have risen by nearly 8% since the beginning of the year. The stock has gained over 102% in the past year.