Odisha to List 10 Iron Ore Blocks for Auction
Iron Ore Block AuctionBloomberg

Odisha to List 10 Iron Ore Blocks for Auction

PTI reported that Odisha government will put 10 iron-ore blocks under the hammer and will invite interest in early July. Odisha’s State Secretary for Steel

PTI reported that Odisha government will put 10 iron-ore blocks under the hammer and will invite interest in early July. Odisha’s State Secretary for Steel and Mines Mr Deepak Mohanty said at an ICC virtual event on iron-ore “We are putting 10 more iron-ore blocks for auction soon.”

Odisha has so far auctioned 19 iron-ore mines of which 12 are already producing iron ore. Mr Mohanty said with new blocks producing iron ore and with ramping up of output by Odisha Mining Corporation, production is likely to go up to 30 million tonne this fiscal which could go up to 60 million tonne by 2026.

Iron ore production in Odisha dropped by 21% YoY to 111 million tonne during 2020-21. Odisha based steel makers complained of a shortage of ore in the market and of a sharp spike in price. They claim that ore prices had jumped from INR 2,200 to over INR 12,000 per tonne depending upon grades.

Meanwhile, Niti Aayog member Mr VK Saraswat said, India will need to double its iron ore mining capacity by 2030 to meet demand as per the National Steel Policy 2017. Domestic production has gone up by 13% in the last five years from 129 million tonne in 2015 to 206 million tonne in 2019 while consumption has gone up from 115 million tonne in 2014-15 to 160 million tonne in 2019.

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