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New Delhi, Feb. 22 The Indian Chamber of Commerce (ICC) has urged the Government to direct public sector mining companies to give priority for supplying iron ore to the domestic steel industry under long-term contracts and at a reasonable price.

“We are not asking for a regulator in pricing of iron ore by the public sector mining companies. But, we want the Government to benchmark ore prices in the long-term interest of steelmakers,” Mr Vishambhar Saran, Vice-President of the chamber said here.

He also sought a Government direction to State-run miners that they should provide iron ore to steelmakers based on long-term contracts, wherein pricing could be linked to the cost of mining and ensuring a reasonable return on investment.

“Such pricing may be subjected to cost escalation annually,” Mr Saran added. Demanding that exports of iron ore with ferrous content above 62 per cent be banned immediately, the ICC has suggested an export tax of 25 per cent ad-valorem be applied for exports of iron ore in the interim.

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