NDTV Profit's special research section collates quality and in-depth equity and economy research reports from across India's top brokerages, asset managers and research agencies. These reports offer NDTV Profit's subscribers an opportunity to expand their understanding of companies, sectors and the economy.
Systematix Research Report
NMDC Ltd. reported provisional volume numbers for March with production and sales of 4.9 million tonne (-13% YoY/+24% month-on-month) and 4 million tonne (-18% YoY/-1% MoM), respectively.
Production for the quarter comes to 13.3 mt (-6%/+9% YoY/QoQ). Iron ore sales volumes for the quarter came in at 12.5 mt (+0.8% YoY, -9.8% QoQ).
Operational performance was impacted by lower production and offtake at its mines in Karnataka. Full-year production and dispatch of 45.1 mt and 44.8 mt, respectively, fell short of the guided range of 47-49 mt.
International iron ore prices have fallen by over 25% since the beginning of the year due to the pile-up of iron ore inventories at ports in China.
NMDC, which had consistently increased prices since September 2023, took a ~Rs 200/tonne price cut during March 2024.
We expect further price cuts in the short term to reflect the movement in international prices before seeing price recovery as Chinese port inventories de-stock.
Click on the attachment to read the full report:
DISCLAIMER
This report is authored by an external party. NDTV Profit does not vouch for the accuracy of its contents nor is responsible for them in any way. The contents of this section do not constitute investment advice. For that you must always consult an expert based on your individual needs. The views expressed in the report are that of the author entity and do not represent the views of NDTV Profit.
Users have no license to copy, modify, or distribute the content without permission of the Original Owner.
Essential Business Intelligence, Continuous LIVE TV, Sharp Market Insights, Practical Personal Finance Advice and Latest Stories — On NDTV Profit.
