India is running out of iron ore so its steel ministry is seeking a phased reduction in iron ore exports of between 10-15% per annum to meet the growing demand from its expanding domestic steel industry. The steel minister has also suggested to the commerce and industry minister in a letter that the government should discontinue the present practice of exporting high-grade iron ore with an iron content of 65% or above and stop the granting of new export licences. Industry representatives prefer an export levy to curb exports.
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