When asked about the timeline, he said the policy on the beneficiation of low grade iron ore is expected to be completed within three months' time.
"There may be some concessions on the royalty (on production of fines in the policy)," Sinha said without elaborating further.
While lump ore or high-grade iron ore contains 65.53% Fe (iron), fines are inferior grade ore and have 64 per cent and less Fe content.
The use of iron ore with less iron content needs beneficiation which adds to the cost of steel production.
Earlier, Union Steel Minister Jyotiraditya Scindia had asked the domestic steel industry to adopt low-carbon emitting steel-making processes, while cautioning that key raw materials coking coal and iron ore may not be a viable option in the future based on environmental, social, and governance (ESG) parameters.
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