Monday, May 16,
Karnataka is likely to issue iron ore shipment permits very soon, a senior official said on Monday.*
“It is in process and it takes time but we will do it soon,” said, H.R. Srinivasa, director of Karnataka’s mining and geology department.
Karnataka, which accounts for about a quarter of supplies from India, was ordered on April 5 by a court to lift an export ban on iron ore imposed last year in a drive against illegal mining and to keep supplies for local steelmakers.
Tighter supplies from India, the world’s third-largest exporter and strong demand from the world’s biggest consumer, China, had helped global prices soar, with spot prices hitting a record near $200 a tonne in mid-February.
Most of India’s approximately 100 million tonnes of iron ore exports land in China.
Source: Reuters
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