Indian iron ore exports are free of cap

Indian iron ore exports are free of cap

In a meeting held on Saturday, India's Union Cabinet determined to lift cap of iron ore exports from Bellary and Hospet mines. The annual cap of iron ore export removed is 3 million tons. The decision is expected to increase exports of high grade iron ore to China and Japan. As reported on Friday by SteelOrbis, India's Union Cabinet was expected to prohibit iron ore exports, as domestic producers required the government to do so, to keep high grade iron ore in domestic market, however the Cabinet lifted the export cap. Now, the domestic producers in India are worried about the prices to increase further depending on the new decision of the government. On the other hand, officials underscored that the prices will not increase further and the government has still control over iron ore exports as the new regulation requires license from the government to export iron ore.