Indian government likely to ban export of iron ore

Indian government likely to ban export of iron ore

Indian government is reportedly planning to restrict export of iron ore to rein in domestic inflation rates and surging iron ore prices. The government's decision will be reflected onto the steel policy, which will be revealed soon. Moreover, a policy regarding iron ore will be announced in the near future. In the subject policy, the amount of iron ore which will be allowed to be exported will be clarified. It is stated that the new regulation will not have an impact on existing long-term international iron ore deals covering exports to Japan and Korea. Indian officials announced that the main driver behind the new regulation is the need to keep high grade iron ore availability in domestic market.