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Indian iron ore exports may reduce substantially in FY 2012/13

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Indian iron ore exports may reduce by 57% in fiscal year 2012/13, affected by the Indian government’s ban on iron ore and export duties. As a result, it may push up the iron ore prices in global market.

The Chairman of National Mining Development Corporation (NMDC) said that the country’s iron ore export may reduce to 30 million~40 million tons in fiscal year 2012/13 since the domestic demand for iron ore has been seen to reach 100 million~120 million tons.

Meanwhile, India’s iron ore output was forecasted to reach 150 million~160 million tons in fiscal year 2011/12 and it has been seen that the country’s iron ore production would remain at the same level in fiscal year 2012/13.
News Date 02 Apr 2012 13:32:18 reported by Nann Cheng

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