HYDERABAD: Iron ore miner NMDC is looking to export tailings from Bailadila iron ore mine in Chhattisgarh, in view of supportive pricing dynamics in global markets.
“Indian ore is cheaper by 50-55 per cent than imported ore, which gives Indian steel industry a great competitive advantage. NMDC is also exploring the opportunity to export its tailings from Bailadila sector as current international prices of ore would make it feasible and profitable to do so,” said N Baijendra Kumar, CMD, NMDC.
Speaking at the recently concluded Singapore Iron Ore Week (SIOW), Kumar said that India would be the bright spot in the steel sector with production and demand growing at a healthy 6-7 per cent, unlike the production and consumption in major countries such as China, Japan and EU, which are likely to stagnate in the near future. “Government push on infrastructure would ensure that targets of steel policy 2017 would be achieved. Per capita consumption of steel, steel production capacity, is increasing in line to meet the NSP (New Steel Policy) targets of 300 million tonnes by FY31,” he noted.
Given that $14-15 billion investment is underway in the steel sector, which would substantially increase steel-making capacity, NMDC is geared to meet the increased iron ore demand and is investing in mines and evacuation capacity to double its capacity in the next three-four years, Kumar said.
Speaking on the sidelines of the event, Kumar assured that NMDC was prepared to take over any mine offered to it in any Indian state, in the eventuality of any disruption in allocation of mines through auction to be held next year in India.