Industry & Economy
-
Exports & Imports
Cabinet curbs export of high-grade iron ore
Our Bureau
New Delhi
,
Feb. 20
THE Union Cabinet on Friday imposed certain quantitative restrictions on the export of high-grade iron ore, namely Fe-65, according to informed sources.
Currently, India exports around seven to eight million tonnes of high-grade iron ore to Japan and China, the latter being the larger buyer. On the other hand, India imports iron ore pellets from these two countries, which are made from the Indian ore.
The move to restrict ore exports, according to sources, is prompted by the global increase in ore prices during the past year, which has led to hikes in steel prices the world over.
Evidently, the objective is to make available larger quantities of ore to the domestic steel producers, which will go a long way in reducing input costs.
Industry sources say that the quantitative curb on ore exports is being imposed with a view to bargaining for larger quantities of metallurgical coke supplies from China, the country's largest ore importer.
The two public sector undertakings which are engaged in exporting high-grade iron ore are Kudremukh Iron Ore Company Ltd and the National Mineral Development Corporation
More Stories on :
Exports & Imports |
Minerals
Article
E-Mail
::
Comment
::
Syndication
::
Printer Friendly Page
|
