PANAJI
In response to mounting pressure from smaller steelmakers urging for a halt in exports of low-grade iron ore, NN Sinha, Secretary of India’s Steel Ministry, refuted claims of any contemplation on imposing a ban.
Speaking recently, Sinha emphasized, “We have not considered a ban and nor recommended it.”
He highlighted the pragmatic aspect, stating, “The iron ore that is exported is low-grade iron ore...so what will be the purpose if you don’t use that low-grade iron ore in your own mills.”
Reports surfaced regarding the growing insistence from smaller steelmakers to curb iron ore exports following a surge in sales to Chinese mills, consequently inflating local prices.
Analytics firm SteelMint revealed that exports of iron ore, predominantly fines below Fe (iron) 58% grade, as well as pellets, soared to a three-year peak, surpassing 44 million tonnes in the calendar year 2023.
Earlier, speculations suggested that second-tier steelmakers had petitioned the government for intervention to restrain exports. Subsequently, discussions arose regarding the Ministry’s contemplation of imposing an export tax.
