It appears the Odisha Indian supply threat is easing much faster this time. From the Economic Times:
Top iron ore producing state Odisha will renew in about two months licences of 10 of the 26 mines that were shut by the Supreme Court last week, a government official said, allaying fears of steelmakers the shutdown would lead to heavy imports.
The top court had ordered the closure of nearly half of the 56 mines in Odisha due to non-renewal of years-old leases. The closed mines accounted for about half of the state’s output of more than 70 million tonnes last fiscal year. “We’re expediting the renewal process and hope to be able to renew the licences of 10 captive mines in about two months,” UC Jena, Odisha’s deputy director for mines, told Reuters.
…Jena said the 10 mines that should have their licences renewed in two months together produced about 20 million tonnes in the fiscal year that ended in March 31.
That eases the supply capacity taken offline to 20 million tonnes per annum. Assuming all mines are back in six months, that means a 10 million tonne hit for six months which domestic production should be able to deal with. It’s not looking material for the global seaborne iron ore balance which is thought to be in surplus of about 70 million tonnes of capacity right now.
