Watch Live | 21st Century Evening Sale | Christie s christies.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from christies.com Daily Mail and Mail on Sunday newspapers.
How ore auctions undermine market
The current round has skewed the market in favour of captive users vis-a-vis merchant miners
The March 2021 amendments to the MMDR Act are expected to bring in transformative reforms for the Indian mining sector. Odisha, with huge iron ore resources, has already completed the first phase of iron ore auctions in 2020 and the next lot of auction is in the offing.
There are a few lessons from the previous auction. First, the 2020 auction gave rise to exorbitantly high winning bids, which are irrational and unsustainable. It witnessed bids in terms of revenue sharing premiums ranging from a low of 90.9 per cent to the highest of 155 per cent.