Indian iron ore exports may be halved within five years

As India will use more and more of its own iron ore to meet the demand from its domestic steel mills, Indian iron ore exports are expected to be reduced by half within five years, according to a report in the Chinese periodical China Metallurgical News.
 
In the last Indian fiscal year (ended March 31), India's iron ore exports decreased for the first time in 10 years, falling by 17 percent year on year to 97.60 million mt.
 
In order to restrict iron ore exports, India has increased its export tariffs on iron ore. Iron ore containing 55-65 percent iron accounts for about 70 percent of India's annual iron ore output of approximately 200 million mt.