NMDC Boosts Iron Ore Production for Domestic Demand

Jan 18, 2024 21:23

NMDC, India's largest iron ore producer, is increasing production to meet domestic steel demand, with no plans for exports to China despite high international prices.

Photograph: NMDC/LinkedIn

New Delhi, Jan 18 (PTI) State-owned NMDC on Thursday said it is scaling up iron ore production to meet the rising demand of the domestic steel industry and emphasised there are no plans to export iron ore to China.

The country's appetite for iron ore is on a historic high and NMDC is committed to cater to the demand from domestic steelmakers, it said in a statement.

Amid reports that NMDC plans to export iron ore to China, the company said there is no such proposal.

"Even though iron ore export prices are showing an increasing trend, the net sales realisations in the domestic market are superior," it said.

NMDC, under the Ministry of Steel, is the country's largest iron ore-producing company, catering to around 20 per cent of the domestic demand.

It has set a 100 MT iron ore production target by 2030.

MORE NEWS

Punjab Invites Korean Firms for Investment

Punjab CM Bhagwant Mann invites Korean firms like Daewoo, GS E&C to invest in Punjab....

Odisha Assembly Passes Appropriation Bill

Odisha assembly passes Rs 17,440 crore appropriation bill for 2025-26. CM Majhi defends...

CTUIL Revokes Grid Access for 6.3 GW RE Projects

CTUIL revoked grid access for 6.3 GW renewable energy projects due to developer delays....

L&T Transfers Realty Business to L&T Realty...

Larsen & Toubro transfers its realty business to L&T Realty Properties Ltd. A phased...

Wakefit IPO Subscribed 15% on Day 1

Wakefit''s Rs 1,289-cr IPO saw 15% subscription on day 1. Retail investors showed...

Apple Fitness+ Launching in 28 New Countries

Apple Fitness+ expands to 28 new countries, including India, on December 15. Enjoy...

MSME Loan Risk: Over-Leveraged Borrowers

Report reveals sharp concentration risk in MSME loan portfolios due to over-leveraged...

Navitas & Cyient: GaN Tech for High-Power India

Navitas Semiconductor and Cyient Semiconductors partner to co-develop gallium nitride...

Abrau-Durso to Produce Wine Beverages in India

Russia''s Abrau-Durso Group plans to produce wine beverages in India with IndoBevs....

GX Group Expands to Latin America with Calculus...

GX Group partners with Calculus Networks to expand broadband business in Latin America....

NMDC Boosts Iron Ore Production for Domestic Demand

You May Like To Read

MORE NEWS