An Indian parliamentary panel has stated that India's government should seek to curb iron ore exports to ensure availability of the key steelmaking raw material, as domestic reserves may last only for 10 years more.
India exports almost half of its iron ore production. The Indian government has increased export duties on iron ore to restrict exports. Also, a ban on iron ore exports is suggested since the iron and steel industry has been struggling with the iron ore shortages since the beginning of August and most of the steel plants in southern India such as JSW Steel are running at lower capacities.
However, India's commerce minister, Anand Sharma, has ruled out a ban on iron ore exports, stating that the extra output "should be exported". He said that the domestic industry uses iron ore lumps, while the country exports iron fines. Mr. Sharma added that the surplus of mined iron ore should be exported.
The discussions related to the iron ore export ban originate from the court decision to ban all mining activities in the Bellary district of the southern Indian state of Karnataka.