Selling few iron ore blocks infrequently creates artificial deficit: Jindal

Says people end up paying a huge premium and then the assets become unsustainable

Iron ore is a strength for India but at a particular cost, Jindal Steel & Power chairman, Naveen Jindal, said on Wednesday, alluding to the unsustainable premiums quoted for the Odisha auctions earlier this year.

Speaking at the 'Minerals, Mining and Metals' e-conclave organised by the Bengal Chamber of Commerce and Industry, Jindal said, whether it’s coal or iron ore blocks, government cannot be a hoarder.

“If a few blocks are auctioned at a time then there is too much competition and an artificial scarcity is created. People end up paying a huge premium and then they become unsustainable,” he