china may back into a corner over rio

India will restrict iron ore exports - Mr Singh
Friday, 10 Jul 2009
According to press release, the Indian government will henceforth restrict exports of iron ore to overseas countries including China to enable its optimal use for domestic steel makers and only encourage ore exports in value added form.

Disclosing this at ASSOCHAM organized 3rd Steel Summit, Mr Virbhadra Singh union minister of steel said that the government has no intention to levy higher import duty on steel imports.

Mr Singh said “The emphasis of future steel policy of the government would be to discourage and restrict exports of iron ore just as China reserves its iron ore for its own industry and US continue to preserve reserves of its crude.”

He said that ”In future, iron ore exports would be encouraged only in value added form and that too in limitations so as to bring India higher foreign exchange and that the government would ensure that its reserves of iron ore are fully utilized for domestic steel makers. With this approach, India can become a global hub for steel manufacturing.