Steel Ministry moots separate iron ore auctions to curb profiteering

National Steel Policy envisages reaching steel production capacity of 300 million tonnes by 2030-31

The steel ministry has suggested the holding of separate auctions of iron ore for end users and the mercantile category on the lines of e-auctions for coal supplies.

The idea to strike a difference between profit and profiteering through a formula that incorporates cost of ore plus a certain percentage of profit.

“What we in the ministry are trying to do is to distinguish between profit and profiteering. If you can think of some policy to have separate bids (for iron ore) for end use and the mercantile category...here we need the support of the state government. Even with National