The World Steel Association had estimated steel demand in India to touch 103 MT till the end of this year, against 96 MT which was registered in 2018. It would further grow to about 110.2 MT in 2020.
Major players from the steel industry have approached the government to auction iron ore mining licences which are currently held by private miners. Licences for 334 mines, out of which 33 working iron ore mines with an annual production capacity of 55 million tonnes (MT), will expire in 2020 and may impact companies such as Rashtriya Ispat Nigam Ltd., Essar Steel and JSW Steel which have inadequate captive iron ore resources. In May 2019, the Federation of Indian Mineral Industries pitched for extension of leases of over 300 non-captive mines till March 2030. But instead of extending these mining leases, the steel industry is now demanding a transparent auction process that will enable a swift switch from old to new lessees.
Esta historia es de la edición July 16-31, 2019 de BUSINESS ECONOMICS.
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