Steel industry worries about steel exports: Steel Union demands export cuts
There has been a severe shortage of iron ore for the use of steel companies, as huge quantities of iron ore are being exported to China at crucial times, as the ownership of mining leases in the country changes. The issue has been brought to the attention of the Indian Steel Union Ministry of Commerce and the Prime Minister’s Office (PMO). The union has demanded a cut in iron ore exports.
Bhaskar Chatterjee, general secretary of the union, said iron ore production had declined in mineral-rich states. "That's why steel companies are having a hard time getting the raw materials they need." Production in April-July this year is 50% lower than the same period last year. 4.7million tonnes of iron ore were produced in April-September this year. The Prime Minister's Office has been informed by the All India Induction Furnace Association Cuttack that cuts should be imposed on the export of iron ore in order to save steel companies.
Iron ore exports rose 63 percent during the meeting, according to another letter. Large quantities of iron ore have been exported in the last two months. It is being sent to China in particular. Iron ore exports were 133% higher in 2019-20 than in 2018-19.
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