India takes step to ensure stable domestic iron ore supply

India’s federal government has mandated that state governments in the country extend the iron ore mining leases of state-owned companies in blocks of up to 20 years if such applications are made at least 12 months prior to their expiry.

The move is an effort to ensure a stale supply of domestic iron ore next year, with the leases of 31 mines - affecting some 60-80 million tonnes - set to expire on March 31, 2020.
Any disruptions could prove costly for steel mills already staring at the prospects of weak poor demand amid macroeconomic headwinds aggravated by a liquidity crunch in country and a weak automotive sector.

India posted a gross domestic production growth of 5% in the quarter...

Published

Deepali Sharma

October 03, 2019

10:15 GMT

Singapore