FM urged to ban export of iron ore

FM urged to ban export of iron ore

The Southern India Engineering Manufacturers’ Association (SIEMA) has urged the Centre to ban export of iron ore immediately or at least impose a steep export duty on iron ore.

In a letter to finance minister P Chidambaram, a copy of which was released to the press, SIEMA thanked him for exempting from import duty various steel products and imposing export duty on some steel items, which would stabilize the local market prices and held MSMEs.

However, SIEMA expressed disappointment over the minister not making any announcement on export of iron ore, the basic raw material for manufacture of pig iron and steel.

To reduce pig iron prices, iron ore prices should be reduced considerably, for which the government should ban its export or at least impose steep export duty on iron ore, SIEMA president, C R Shanmughasundaram suggested.

Further, excess mining and export of iron ore would cause rapid depletion of natural resources and quality iron ore, erosion in forest cover and green belt areas thereby causing pollution problems, Shamughasundaram said.


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