Tuesday, 13 Dec 2011
The Indian minister of steel Mr Beni Prasad Verma said that during the year 2010-11, 97.66 million tonnes of iron ore was exported out of the total estimated production of 208.11 million tonnes of iron ore in the country.
In a written reply in the Lok Sabha he said that out of the total export, only about 2.93 million tonnes (about 3%) of iron ore was of high quality (with Fe content 64% and above). The total domestic consumption of iron ore (including both private sector and public sector steel plants) during 2010-11 was estimated as 111.4 million tonnes.
The production of iron ore in the country is about double the consumption of iron ore by the domestic iron & steel industry and therefore, is sufficient to meet the present requirement of domestic iron and steel industry.
Mr Verma said that ministry of steel is of the view that iron ore, being a non renewable natural resource, should be conserved for long term utilization of domestic steel industry. The government has decided that conservation of iron ore resources of the country should be achieved not by banning or capping the export of iron ore but by taking recourse to appropriate fiscal measures.
Presently, an export duty of 20% ad valorem is levied on all grades and varieties of iron ore (except pellets).
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