India should ban export of iron ore, says Assocham .

Industry body Associated Chambers of Commerce and Industry of India (ASSOCHAM) said on Tuesday that India should totally stop the outflow of iron ore, even in the form of exports.

The situation is so serious, said the body that any kind of iron which has more than 60 per cent iron ore should be completely halted.

It said that while the miners are making super normal profits by exporting the raw mater, it is not good for the country. The perception that India has excess ofiron ore is a myth and the Indian steel industry is in dire need of proper raw material.

In a statement, Assocham said, "However, it is a total distortion of facts as most of the integrated steel plants using sinter and pellets useiron ore fines extensively which results in increased efficiency of iron making process."

As per the data, China at present is the largest importer of Indian iron ore. After using it, the country puts a high rate of export tax on items like coal, coke and steel products.

While it harms the industries in India on one hand, it also helps China conserve its raw material.

Source : topnews.in