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India: NMDC's rake movements from Chhattisgarh rise 5% in Sep'24

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BigMint Bureau

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3 Oct 2024, 18:19 IST

India: NMDC's rake movements from Chhattisgarh rise 5% in Sep'24

Sourcing by non-state units edges up, RINL top buyer

NMDC's supplies to Chhattisgarh-based units rise 16% m-o-m

National Mineral Development Corporation (NMDC), India's largest iron ore miner, dispatched 408 rakes from its Chhattisgarh mines, equivalent to 1.57 million tonnes (mnt) of iron ore in September 2024. This was a 5% hike as compared to 388 rakes (1.49 mnt) recorded in August, as per BigMint's data.

These rake movements were within Chhattisgarh and to other state-based units but excluded supply to AM/NS India through slurry pipeline. Each rake carries around 3,850 t of iron ore.

In September, favourable weather conditions supported iron ore supplies in loading rakes. Notably, for September delivery, iron ore prices remained the same as in August.

NMDC's iron ore production volumes edged down to 3.04 mnt in September 2024 as against 3.07 mnt in August 2024. However, iron ore sales rose 13% to 3.54 mnt in September 2024 as against 3.14 mnt in August 2024.

Sourcing by non-state units increases

Overall, NMDC's total iron ore rake movements to plants outside Chhattisgarh inched up to 286 rakes in September against 283 rakes in August.

Rashtriya Ispat Nigam Limited (RINL) emerged as the top buyer in September, receiving 117 rakes against 99 rakes booked in the previous month, a hike of 18%.

JSW Steel, Dolvi, received 100 iron ore rakes in September, a drop of 6% as compared with 106 rakes in August.

JSPL recorded a decrease of 21% in its iron ore rake bookings from NMDC, at 22 rakes in September compared to 28 rakes in August.

Jindal Steel Odisha Limited bought 22 rakes in September, marking an increase of 57% against 14 rakes in August.

AM/NS sourced 10 rakes in September against 7 rakes in August.

Sourcing by Chhattisgarh-based units increases

NMDC dispatched 122 (0.47 mnt) iron ore rakes to Chhattisgarh-based units in September, a rise of 16% against 105 rakes (0.40 mnt) in August. Additionally, NMDC's supplies to its Nagarnar plant increased in September to 75 rakes compared to 62 rakes in August.

Outlook

In the coming days, the market is expected to improve following the retreat of the monsoon as well as the improving situation in the domestic and global markets.