NMDC Q3 Results

While domestic outlook was seen improving post recent iron ore price hikes and rising steel output, coronavirus could curb gains

During the period under review, total income fell to Rs 3,137 crore from Rs 3,786 crore in the year-ago-period

NMDC, the country's largest iron ore mining company, posted a strong set of numbers for the quarter ending December 2017 (Q3) led by realisations even as volumes were soft. Sales volume at 8.58 million tonne (MT) was down three per cent sequentially and 20 per cent year-on-year, but the same was expected as plummeting iron ore prices in October-November had led to a rise in imports into the country thereby affecting NMDC.The ex-China price of 62-Fe grade iron ore has been volatile and from over $75 a tonne in September had fallen to $60 levels in October due to high inventories in the world's largest metal producer (China). But, prices recovered soon crossing $75 levels by end-December ($74-75 currently). Indian prices and NMDC's realisations, however have been supported by strong domestic demand and mining disruptions in Odisha. Hence, average per tonne iron ore prices in India came in at Rs 2,445 for NMDC, much higher than Rs 2,276 in the September quarter and Rs 1,990 in the year ..