Indian iron ore exports are free of cap
In a meeting held on Saturday,
India's Union Cabinet determined to lift cap of
iron ore exports from Bellary and Hospet mines. The annual cap of
iron ore export removed is 3 million tons. The decision is expected to increase exports of high grade
iron ore to
China and
Japan.
As reported on Friday by SteelOrbis,
India's Union Cabinet was expected to prohibit
iron ore exports, as domestic producers required the government to do so, to keep high grade
iron ore in domestic market, however the Cabinet lifted the export cap.
Now, the domestic producers in
India are worried about the prices to increase further depending on the new decision of the government. On the other hand, officials underscored that the prices will not increase further and the government has still control over
iron ore exports as the new regulation requires license from the government to export
iron ore.