India's Steel Ministry directs SAIL and NMDC to scout overseas mineral deposits

The Indian Steel Ministry has tasked its two major public-sector undertakings, Steel Authority of India Ltd (SAIL) and NMDC, with seeking mineral assets overseas. According to a ministry official, the move is intended to lock in long-term supplies of essential inputs and reduce overall cost structures. Although the country is rich in iron ore, steel producers still rely heavily on imports for 85-90% of coking coal, sourced mainly from Australia and Mozambique, and on limestone from West Asia.

In contrast, private player JSW Steel has pursued foreign coking-coal acquisitions to achieve 50% self-sufficiency. NMDC, traditionally an iron-ore producer, is diversifying its portfolio, with Chairman Amitava Mukherjee aiming for at least 20% of its revenue to come from other minerals by 2030.