According to the Federation of Indian Mineral Industries (FIMI), Indian iron ore exports for the current financial year may drop by 20 percent to 75 million mt.
This fall is mostly caused by the delay in lifting the iron ore export ban in Karnataka state. Another reason is that Indian iron ore is becoming uncompetitive in overseas markets due to increasing export duty and freight rates.
"We expect iron ore exports to be between 70 million mt and 75 million mt this year against 95 million mt in previous year," said Siddharth Rungta, president of FIMI.