Panel to look into Iisco's 45 mt iron ore fines sale

The steel ministry will set up a panel this month to help Indian Iron and Steel Company (Iisco) dispose of 45 million tonnes of iron ore fines at its mines in Gua, Jharkhand.

Iisco, now a part of Steel Authority of India Ltd, reportedly has stocks worth 40-45 million tonnes of iron ore fines with an average iron content of 55. It is regarded as "low-grade" by the industry. Iron ore prices have shot up more than 70 per cent since the beginning of this year.

"This makes us optimistic of finding a suitable buyer for the low-grade iron ore fines," said a ministry official.

A SAIL executive confirmed the development saying the fines were of no use because of their lean quality. "As of now, the company does not plan to use them in the company's sintering plant, as the transportation costs make it an unviable project," he said.

He, however, added that with the modernisation of Iisco mines, such fines could prove useful.

Union Minister of Steel, Ram Vilas Paswan, has announced a Rs 1,000 crore modernisation plan for Iisco's mines and collieries.

SAIL's Bokaro steel plant has a sintering plant with a capacity of 0.62 million tonnes a year. Its Bhilai steel plant has a capacity of 0.65 million tonnes a year.

Data for last year by the steel ministry is still under compilation, but officials maintain that both the plants were not working at their full capacity.

The larger proportion of the world's iron ore production is available in the form of fines. They have to be agglomerated either as pellet or sinter, before they can be used in blast furnaces.