Steel Minister advocates ban on iron ore export

PRESS TRUST OF INDIA

New Delhi, July 16: Steel Minister Virbahadra Singh today sought a ban on export of iron ore, stating that the raw material should be preserved for the use of the domestic industry.
 "As far as steel ministry is concerned, we favour placing a ban on export of iron ore," Singh told reporters after a meeting of the National Steel Consumers' Council here.
 "We should conserve iron ore to meet the present and future requirements of the country rather than repenting later," he added.  Singh further said that as an immediate step towards restricting exports, a "flat 20 per cent" duty should be levied on iron ore consignments leaving the country. At present, export duty on iron ore fines is 5 per cent while it is 15 per cent on lumps.

Lastupdate on : Fri, 16 Jul 2010 21:30:00 Mecca time
Lastupdate on : Fri, 16 Jul 2010 18:30:00 GMT
Lastupdate on : Sat, 17 Jul 2010 00:00:00 IST

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