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Govt plans mechanism to address iron ore price volatility

Press Trust of India  |  Kolkata 

The ministry is contemplating a mechanism to moderate the volatile prices of ore, the main raw material of

"We have formed a task-force to come out with a report in this regard," Union said here today.

The said though it is a free market for ore, the wanted some price predictability, at least for three to four months.

Singh said small mainly suffer from high volatility of ore prices. is the major supplier of for domestic steel companies.

On the attempt to increase the supply of scrap for the steel sector, he said, "We are waiting a legislation to come through. It is pending in the

The legislation pertains to scrapping of vehicles which are more than 15 years old.

"We hope this would be through in the Budget Session. Then, the country would be having sufficient scrap to use for making steel and the would be of high quality," the said.

Meanwhile, Singh said the Centre had unveiled the New Steel Policy, 2017 which envisions 300 million ton of by 2030. This would translate into an additional investment of Rs 10 lakh crore by 2030-31.

The new policy also seeks to increase the per capita steel consumption to the level of 160 kg by 2030 from the existing level of around 60 kg, he added.

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Thu, January 11 2018. 20:10 IST