Indonesian government likely to ban iron ore exports

Indonesian government likely to ban iron ore exports

Indonesian government considers prohibiting iron ore exports in an effort to provide availability of subject raw material in the domestic market, sources report. An official from Indonesian Ministry of Energy and Mineral Sources stated that the new regulation will require exporters to get license, which indicates that they process ore domestically. The companies, which have long term agreements, will not be affected from the new regulation, while the companies applying for a new license to export iron ore should prove that they process ore domestically. The new regulation is yet to be discussed with the Ministry of Trade.