Indian steel industry facing severe shortage of iron ore: Maya Iron Ores

Mumbai : Mumbai sep01,2011, 16:30 IST:Countries like Australia and Brazil are reaching out to strengthen the iron ore export industry, which is expected to boom for the next five years, whereas India, the third largest iron ore exporter, is under threat of severe damage to the iron ore exports, if practical and viable mining policies are not implemented immediately.

With the blanket ban continuing in Karnataka, Steel industry in India is struggling to meet the production requirements, with severe shortage of raw material. If the ban extends for few more weeks, many units will face shut downs shortly. Indian steel makers are investing in iron ore exploration overseas, in countries like Afghanistan, with their domestic growth largely affected by regulatory issues. This is despite the fact that India is gifted with billions of unexplored ore deposit. A strong mining regulation is a must to curb the illegal mining, but the mining should start in full swing in order to help the domestic steel and iron ore export industry.