India: Cabinet Approves Pellet Exports from Karnataka
Cabinet has given a "go ahead" to export iron ore pellets from Karnataka, as per reports. Iron ore will be converted to pellets for exports, which Law minister JC Madhuswamy said is in line with the center’s decision. "It has been decided not to export iron ore from Karnataka. Pellets as value-added product should be exported."
SteelMint spoke to southern India based market participants and learned that this is a welcome move. However few sources said the CEC committee formed by the Apex court to scrutinize but approval from Supreme Court is still awaited on the matter.
India's pellet capacity was recorded at around 89.8 MnT in FY19 and production was recorded around 66 MnT. Southern India accounted for the capacity of 29.3 MnT and production of around 21.4 MnT in the last fiscal.
Apex court directed suspension of iron ore exports (including pellets) from the state of Karnataka in 2011. Amongst southern India based parties, Kudremukh Iron Ore Company Limited (KIOCL) - a company under the Ministry of Steel is allowed to export pellets so far.
source: SteelMint
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