Acute Shortage of Iron Ore and High Prices of eAuction in Karnataka
October 7th 2011 20:26
Due to the shortage of Iron Ore supplies and exorbitant auction prices has forced JSW cut output by third. Many of the sponge iron units in Bellary have already shut down due to acute shortage.
This shut down has created many as jobless, nearly about two lakh workers in the region. Due to the cut in the production of the steel, the construction and automobile industries are facing the major problem as already the supply of steel has dropped by forty percent.
Karnataka Government started the eAuction of the seized iron ore in the state to relieve the struggling industries due to non availability of the ore. The eAuction resulted in rise in prices and it’s not possible to run the steel mills by major giants on these high prices iron ore purchased from eAuction.
| 27 |
| Vote |
Add To: 
subscribe to this blog