India's NMDC sees rise in 2010-11 iron ore sales, ups lump ore prices

India's largest state-owned iron ore producer and exporter NMDC has decided to increase its lump ore prices provisionally by 10 percent over Q4 prices, while fine ore prices are left unchanged.
 
In FY 2010-2011, NMDC achieved sales of 26.33 million mt, up from 24.09 million mt in FY 2009-2010, registering an increase of 9.3 percent year on year due to improved rake supply by railways as well as due to higher demand from domestic customers. NMDC's iron ore output increased in the current fiscal year by six percent from 23.8 million mt to 25.19 million mt.
 
NMDC is likely to report a record turnover increase of more than 80 percent year on year due to the increase in iron ore prices during 2010-2011. "The improved physical and financial performance will also be reflected in the profit of the company," NMDC said in a statement.