State-owned iron ore miner NMDC on Saturday reported a 17% increase in its iron ore output for the April-November 2023 period, to 27.31 million tonnes (MT). This is the company's highest ever cumulative production and sales from April to November.
NMDC's cumulative sales for the period also rose by 23%, to 27.8 million tonnes. The company said that the increase in production and sales was due to a number of factors, including improved mining conditions, higher demand from domestic steelmakers, and increased exports.
NMDC is India's largest iron ore producer, accounting for about 20% of the country's total output. The company has a number of mines in Madhya Pradesh, Chhattisgarh, Karnataka, and Andhra Pradesh.
Significance:
The increase in NMDC's iron ore output is a positive sign for the Indian economy, as it indicates that the steel industry is recovering from the COVID-19 pandemic. Steel is a key input for a number of industries, including construction, manufacturing, and infrastructure.
The increase in NMDC's exports is also a positive sign, as it shows that Indian iron ore is in high demand overseas. This is good for the country's balance of trade.
