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Will Indian Iron Ore feed the world?
Posted on 28 November 2005
Source: SEAISI
Capacity expansion has become the most important development priority of India’s steel industry. Projected capacity of 100 million tonnes in 2012 is staggering. However, it has the most important ingredient needed: the country is well endowed with vast iron ore resources.
Iron Ore Deposits (million tonnes)
|
|
Proven |
Probable |
Possible |
Total |
|
Hematite |
6,800 |
2,122 |
3,395 |
12,317 |
|
Magnetite |
1,770 |
1,807 |
1,818 |
5,395 |
|
Total |
8,570 |
3,929 |
5,213 |
17,712 |
The iron ore deposits may be more than enough to support the expansion projects. The question is whether the country would allow the excess ores to be exported at a substantial volume. The current policy allows companies for mining only if the mine is in tandem with steel making facilities. There is also a restriction on export of high grade ore. To cash in on the soaring iron ore price or to reserve the precious raw material for future expanded domestic steel industry are the choices the country has to decide