India:SAIL Extends Due Date for Iron Ore Fines E-auction

Govt owned unit – SAIL had issued tender for sale of 10,00,000 MT iron ore fines. In recent update received, the company has extended due dates for fines sales from all its three mines in Jan’20. As per sources, due some state government clearance issues all three auctions have been re-scheduled in Jan’20.

In Sept'19, Indian government took a decisive step in assuring supply of raw material to steel sector by allowing Steel Authority of India Ltd (SAIL) to sell 25% of its total annual mineral production in merchant market.This was in order to avoid any kind of possible disruption that may occur because of mining auction due on March 2020.

Government of India has also given permission to sell 70 MnT of sub grade minerals in the captive mines of SAIL (Steel Authority of India Ltd) This would enable SAIL to lead the way in ensuring availability of iron ore in the years up ahead for the steel sector.

Last year the company's iron ore production was 28 MnT.