7 Dec 2011 – AAP –
Indian iron ore producer National Mineral Development Corporation chairman Rana Som expects the developing country to stop shipping iron ore to China within five years, opening the door for another 100 million tonnes a year to be sent from Australia, according to The Australian Financial Review.
According to the report, Mr Som said Indian pig iron production would jump from 65 million to 100 million tonnes per annum as Indian miners feed growing domestic demand.
“I don’t think that in the near future India will be required to import iron ore,” he said.
“I feel India will slowly withdraw from the iron ore market and that will give extra space to the Australian iron ore market to export more and more quantity to the traditional markets of China and Japan.”