Indian government plans to restrict iron ore exports

Indian government plans to restrict iron ore exports

According to the statement released by the Indian government, export of iron ore above 62% above Fe will be restricted due to the gross misuse of the current iron ore export policy by certain firms. India's current iron ore export policy allows export of iron ore less than 64% Fe content under Open General License (OGL). On the other hand, iron ore above 64% Fe content is allowed to be exported under a license. Following complaints about the misuse of the current policy, the government officials conducted certain investigations at Mangalore, Haldia, Vishakapatnam and Paradip ports during the period November 4-11, 2004. Samples collected at these ports indicated that there are certain firms that export iron ore above 64% Fe without a license. Now the government is actively considering to restrict export of iron ore above 62% Fe.