NEW DELHI, Mar 21 (Reuters): Indian sponge iron producers have urged the government to impose duties on exports of low-grade iron ore to stave off shortages of the main raw material in the world's second-biggest crude steel producer.
"We have urged the government that there is a shortage of iron ore, (so) please intervene and levy export duty," Rahul Mittal, chairman of the Sponge Iron Manufacturers Association, told Reuters in an interview.
India, the world's biggest sponge iron producer, has about 336 sponge iron plants spread across the country. India produces around 50 million metric tons of sponge iron, which is mostly used by secondary steel producers as raw material.
India's iron ore exports touched 32.2 million metric tons during the first nine months of the current fiscal year that began in April 2023 - worth $2.7 billion - from 9.5 million metric tons a year earlier.
More than 90 per cent of India's overall iron ore shipments go to neighbouring China.
India's sponge iron producers seek duties to curb iron ore exports
FE Team | Published: March 21, 2024 23:37:45
India's sponge iron producers seek duties to curb iron ore exports
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