Lack of Buyers of Iron Ore in Goa Cause Inventories to Pile Up

Mining Weekly reported that a lack of buyers of iron ore in Goa may lead to stockpiling of old inventories and a lack of space for new supply as the Indian province gets ready to resume production.
As quoted in the market news:

According to a Goa government official, of the total 15-million tonnes of old iron-ore fines inventory occupying stockyards and ports, only six-million tonnes have been liquidated through seven rounds of auctions; however, in the absence of large-volume overseas buyers, local traders were refusing to transport the stocks.
The government was pushing hard to auction another one-million tonnes of iron-ore before mining operations resumed next month, as miners would continue to face an acute space crunch to stock new production, leading to sharp a rise at pithead dumps.
Citing an example, the official said that, at the seventh round of auctions concluded last week, only 50 000 t was sold against an offer of one-million tonnes. Under the circumstances, the government was facing an uphill task in liquidating nine-million tonnes of old stocks and the department of mines could do very little to make space for new stock, the official added.

Click here to read the full Mining Weekly report.