NMDC Ltd, India's largest state-run iron ore miner, suffered a sharp year-on-year reduction of 35.8% in its sales in August, affected pariamarily by lower production and weaker steel demand amid a slower economic growth.
NMDC sold 1.49 million tonnes of iron ore in August, tumbling significantly by 35.8% from a year ago, the company said September 4 on its official website.
Yet total sales were still up by 14.31% from the year-ago level to 12.62 million tonnes during April-August (first five months of FY19-20), according to the website.
Production of iron ore stood at 1.41 million tonnes in August, dipping 3.54% from year ago.
The decline was due mainly to lower production at Kamataka mine, where output tumbled by nearly 21.52% from a year earlier due to interuption of mine suspension after local government announced to impose high premium on iron ore sales.
NMDC's iron ore production climbed 19.9% year-on-year to 11.81 million tonnes in the first five months of FY19-20, it said.
(Writing by Emma Yang Editing by Harry Huo)
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