Slowing economy will affect iron ore exports: Govt

New Delhi : Painting a bleak picture, the Steel Ministry today said iron ore exports will be under pressure and overall growth of the industry may be affected due to global competition and market forces over the next five years.

It is not government policy but market forces that will result in a decline in iron ore exports from the country, which are currently pegged at 120 million tonne, Ministry of Steel Economic Research Unit (ERU) Chief Economist AS Firoz said.

"It (iron ore export) would decline to 30-40 million tonne by 2016," Firoz told a conference on 'International Iron Ore and Steel-Making Raw Materials' organised by Ore Team, an international research firm with representatives from countries such as China and Indonesia.