Following Bloomberg story tells you that there is a future for...

Following Bloomberg story tells you that there is a future for FMG

India Seeks Ban on Iron-Ore Shipments as Local Demand Grows, Minister Says
India, the worlds third-largest iron-ore exporter, should ban shipments overseas to ensure that local steelmakers have adequate supplies of the raw material, according to Steel Minister Virbhadra Singh.

The country will need increased quantities of iron ore to meet domestic demand from steel producers, so there was a need for a ban, Singh said at a seminar New Delhi today. Singh had said in May India will consider banning exports �if needed.�

An end to shipments from India would increase global competition for supplies, potentially boosting prices of the raw material from Australia and Brazil, the two biggest suppliers. China is the world�s largest steelmaker, accounting for 43 percent of output last month, while BHP Billiton Ltd., Rio Tinto Group and Vale SA are the top three iron-ore suppliers.

�Limiting exports is inevitable because rapid economic development in India will demand more iron ore to feed its steel mills,� Xu Xiangchun, chief analyst at Mysteel Research Institute, said from Beijing. �China has to look for new resources, such as Africa, as alternatives to Indian ore.�