Iron ore price, page-25312

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Steelmakers push for iron ore export ban; miners say shortage artificial
Union Minister Dharmendra Pradhan recently said the government is considering imposing a short-term ban on exports of iron ore in wake of domestic shortage


Nevin John | Saturday, November 28, 2020 | 22:53 IST


The steelmakers in the country have demanded iron ore export ban as the shortage resulted in a spike in prices of raw material as well as steel. According to an executive in a large steel company, about 35-40 per cent of the iron ore produced in the country has been exported, primarily to China, as the Indian steelmakers struggle to meet their raw material requirements.

India's iron ore production in the April-September period at 47 million tonnes (MT) has witnessed a sharp de-growth of 50 per cent over the same period last year. This has been mainly on account of the change in hands of the expired iron ore mines, numerous evacuation issues and delays in clearances. The exports have witnessed a sharp rise of 63 per cent to 22 MT in the same period.

The iron ore supply, particularly in Eastern India has been affected as the mines which transferred, have not reached their full production levels. Even Odisha's 19 auctioned iron ore mines this year, only five mines are in operational, in which four mines are of JSW Steel whereas other mines yet to start iron ore mining. There are certain mining leases which need to bring up for auctions. JSW has earlier requested the government to look at the possibility of having a state-owned company to mine the ore from these 14 non-operational mines along with the mines whose leases are expired.