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India is not considering a ban on the export of low-quality iron ore with a Fe (iron) content of less than 58%, said Steel Ministry Secretary N N Sina on the sidelines of the CII's CORTEM 24 event on February 29. "We have not considered a ban and nor recommended it," Sinha said in response to a query by Moneycontrol. "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," Sinha said.
Smaller Indian steel producers are reportedly pushing for an iron ore export ban after a spike in sales to Chinese mills drove up local costs. According to an analytics company, exports of iron ore—primarily fines with a grade of less than Fe (iron) 58%—and pellets reached a three-year high of more than 44 million tonnes in 2023.
Earlier in the week, Bloomberg reported that second-tier steelmakers have asked the government to take action to curb the exports. Post, which Reuters reported that the ministry is considering an export tax. Iron ore production stood at 177.06 million tonnes in the April-November 2023 period, of which domestic consumption stood at 135.14 million tonnes, according to the Federation of Mineral Industries (FIMI).
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