NMDC FY17 realisations to take a hit due to iron ore glut

As on July 2016, ore stockpiles at mines in Odisha and Jharkhand stood at 145 mn tonne, up 12% y-o-y

State-owned NMDC, the country's largest iron ore producer and exporter, is expected to witness a fall in realisations in the year ending March because of the glut situation in domestic iron ore market.

"Over supply in the domestic market mainly from Odisha will put pressure on ore prices and this is expected to hit realisations of the company on year-on-year basis," a top official with NMDC told Business Standard.

As on July 31, 2016 stockpiles of the ore at mine-heads in Odisha and Jharkhand stood at 145 million tonne (from Odisha and Jharkhand), up 12 percent from same period last year, according