Indian steel producers seek auction of stockpiled iron-ore to prevent hoarding

Indian steel producers have called for the immediate auction of the country’s estimated 128-million-ton iron-ore stockpile to avoid hoarding. Domestic steel producers believe the imminent rise in production across iron-ore-bearing provinces, combined with falling overseas shipments and depressed prices, could result in a “scarcity amidst plenty”, as miners hold on to pit-head stocks and artificially push up prices.