You can put lipstick on a pig, but its still a pig. India has so...

You can put lipstick on a pig, but its still a pig.
India has so much iron ore lying around unsold that the only way that IOR can sell its iron ore is to give it away almost for free.

"At present, iron-ore in Karnataka was priced between Rs1 500/t ($21/t) and Rs2 500/t ($39/t), excluding all taxes and levies, the official said."

Its cheaper to import iron ore from Australia where import volumes  are UP 183%

"According to industry data available, Indian iron-ore imports during April to September this year, were estimated at 7.97-million tons, up 183% over the corresponding period of the previous year with about 65% of the volume shipped in from Australia."

Indian iron ore market is in a complete mess, why would anybody be dumb enough to Invest in India, unless you like losing money like IOR.

"Restricting the sale of mines to competitive bidding only had resulted in large unsold stocks lying at pitheads, while steel companies were importing at lower prices, the Chief Minister had communicated, according to a government official."

Why mine iron ore in India when its far cheaper to import better quality iron ore from Australia?

"steel mills are increasing imports, taking advantage of the low 2.5% import duty on the raw material."

You blokes have not only lost 80% of your money, you'll lose the other 20% in the end.

https://www.hellenicshippingnews.co...gers-conflicting-claims-on-iron-ore-supplies/