NMDC on overdrive to offset adverse impact of Covid-19
In a bid to offset the adverse impact of Covid-19, which has already affected 40% output, the country's leading miner, NMDC, has heightened mining activities and ramped up production to full capacity. Sumit Deb, director (personnel) NMDC, who is due to take over as the next chairman, said that its biggest customer segment — the steel industry — has been running at less than half the capacity due to low demand from auto, construction and infra sectors. NMDC expects stocking of iron ore by steel companies in the forthcoming monsoon period. With two consecutive price cuts in April and May, NMDC has reduced iron ore rates by ₹900 per ton and those of calibrated lump ore by ₹1,050 per ton within a month, Chairman NMDC. N Baijendra Kumar, said that the reduction in prices has given a lot of relief to the steel companies in this difficult juncture.‖ After the initial setback due to imposition of the lockdown when NMDC had to curtail production by 30-40% as its major steel industry customers cut back production by nearly half, NMDC's major customers like JSW Steel and AM/ NS India (erstwhile Essar Steel) have maintained their offtake, and also continuing with exports to Japan and South Korea.
📅Published on:
22 May 2020
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