India may prohibit iron ore exports

India may prohibit iron ore exports

India's Union Cabinet will reportedly prohibit iron ore exports in a meeting which is to be held today although certain ministers object to the issue, as per the recent news in the market. According to the decision which is expected to be taken today, the exports may be prohibited or the current cap of 3 million tons on lump and 1.2 million tons on fine ore exports may be eliminated. Similar decision was also taken in China, depending on the shortage of raw material worldwide. The cap on exports of iron ore was reduced from 10-12 million tons to 2 million ton levels.