NMDC eyes export opportunity in iron ore tailings

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.

Published: 11th May 2019 10:45 AM  |   Last Updated: 11th May 2019 10:45 AM   |  A+A-

Among the latest banned products, China imported $74.4 million worth of iron ore in the first five months of this year, almost equalling the figure for all of 2016. 

Image used for representational purpose only (File photo | AP)

By Express News Service

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.
 

Stay up to date on all the latest Business news with The New Indian Express App. Download now
(Get the news that matters from New Indian Express on WhatsApp. Click this link and hit 'Click to Subscribe'. Follow the instructions after that.)

Comments

Disclaimer : We respect your thoughts and views! But we need to be judicious while moderating your comments. All the comments will be moderated by the newindianexpress.com editorial. Abstain from posting comments that are obscene, defamatory or inflammatory, and do not indulge in personal attacks. Try to avoid outside hyperlinks inside the comment. Help us delete comments that do not follow these guidelines.

The views expressed in comments published on newindianexpress.com are those of the comment writers alone. They do not represent the views or opinions of newindianexpress.com or its staff, nor do they represent the views or opinions of The New Indian Express Group, or any entity of, or affiliated with, The New Indian Express Group. newindianexpress.com reserves the right to take any or all comments down at any time.

flipboard facebook twitter whatsapp