SME Times News Bureau | 28 Apr, 2012
The Centre has no plan to impose complete ban on export of chrome for now ore as the present production of the steel raw material is sufficient to meet domestic consumption as well as export requirements, the Lok Sabha was informed Friday.
Replying to written question, Minister of Mines (Independent Charge) Dinsha J. Patel said that there is no proposal by the Ministry of Mines to impose complete ban on export of chrome ore.
He informed that India has 203 million tonnes of total resources out of which there is only 54 million tonnes are reserves and 149 million tonnes are remaining resources.
At present India’s production is sufficient to meet domestic consumption as well as export. Therefore, presently export of chrome ore is not directly impacting the steel industry, Patel added.
Chrome or chromium is an important alloying material for steel. Stainless steel is formed when chromium is added to iron. High speed tool steels also contain chromium.
Replying to another question in the Lok Sabha, the minister said that prices of iron ore in the country has shown an increase in the last three years.
He said that the mining sector, including mining and trade in iron ore, has been liberalized since the year 1993 and prices of iron ore is driven by global market demand and the government does not administer the prices of iron ore in the country.