Mr C.S. Verma, the minister of Ministry of Steel has agreed on the purpose of 30% iron ore export duty and will send it to Ministry of Finance to execute the orders to protect the local steel industry and restrict the raw material exports.

It’s known that Indian Ministry of Steel pointed out that the local steel industry need more iron ore assets to expand the business.

Mr. Verma said India’s steel production capacity will expand to 120 million tons in fiscal year 2010/11 and it will enlarge to 200 million tons in 2020.

Meanwhile, he added that India’s domestic demand for iron ore will surge by 71% to 113 million tons in fiscal year 2016/17 from 66 million tons in fiscal year 2010/11.

However, the country’s iron ore export will decline to 75 million tons in the current fiscal year from 100 million tons in a year earlier.