Karnataka iron ore mines stuck with 6.5 million tonnes of unsold inventory

The miners are not able to sell the inventory in the state or domestic market since buyers prefer imported iron ore as they feel it is better on quality

Companies News: Iron metal diggers in Karnataka are screwed over thanks to 6.5 million tons of unsold stock as against 1.5 mt a year prior. Furthermore, one reason is that the steel organizations are purchasing metal from different states, while Karnataka mines are not permitted to trade outside the state. Unsold metal adds up to more than 20 percent of the all out generation of iron metal in the state in FY19.
The diggers are not ready to sell the stock in the state or household advertise since purchasers incline toward imported iron metal as they feel it is better on quality. This impossible to miss marvel has influenced the excavators, yet additionally prompted around Rs 400 crore misfortune to the state.
The worldwide iron metal market is confronting a shortage this year because of the foreseen decreased supply from the world's No. 1 iron metal excavator Vale SA, whose tasks in Brazil have been shortened after a deadly tailings dam breakdown in January.Read More

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