Iron Ore from Karnataka, India- eAuction
October 7th 2011 10:39
The iron ore crisis for domestic steel mills in India became important issue as many of the steel plants has to cut down their production. The plants are running on almost 50% to 75% of their capacity due to the shortage in the supply. The State of Karnataka in India, which is already, has banned the mining of iron ore has a major impact on the domestic and international supplies along with impact on the prices of iron ore. But iron ore stock piles near mines are being released through e-Auctions to maintain the supply for the domestic steel mills.
The release of higher quantity of iron ore through electronic auction has came as relief to major sponge iron manufacturers, pig iron manufactures and steel mills which are dependent of iron ore supplies from Karnataka.
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