Indian state-run steelmaker Steel Authority of India Limited (SAIL) has sought permission from the governments of Odisha and Jharkhand to sell off 70 million mt of low grade iron ore fines idling at pitheads of its captive mines in these states, a company official said on Tuesday, February 11.
The official said that SAIL did not have sufficient pelletization or beneficiation capacities and hence it was imperative to dispose of the large stocks of low grade iron ore fines stockpiled at its captive mines in Jharkhand and Odisha.
In a proposal submitted to the governments of Odisha and Jharkhand seeking the sale of the low grade fines, SAIL has proposed that the sale be conducted via auction process and that the state governments would be offered part of the sale proceeds.
The official said that, with Indian iron ore pellets fetching a good price in both local and international markets, some pellet manufacturers which did not have captive iron ore mines would be interested in participating in the proposed auction and buying SAIL’s iron ore fines.