NMDC hopes to keep volumes intact in FY21; remains wary about realisations

Brokerages are, however, bearish on iron ore prices in the near term

After taking a hit in the final quarter of FY20 due to Covid-19, NMDC, the country’s largest iron ore miner, is sticking to last year’s production target of 32 million tonnes (mt) this financial year.

“We hope to achieve what we did in FY20 and that itself will be a great positive for the company. April was a complete wash out for us as nearly 50 per cent of production declined. But in May, ore production picked up and we have done 4.1 mt of production and sales,” Amitava Mukherjee, director of finance at NMDC, told Business Standard. 

State-owned NMDC was unable