India Cuts Iron Ore Output To 45 Million Tonnes

Reuters reported India’s Goa state plans to cap its iron ore output at 45 million tonnes per annum due to its limited infrastructure, the mining department head said.

As quoted in the market news:

India used to be the world’s third-biggest supplier of the steel-making material and counted China as its biggest client. But a 30 percent export tax aimed at keeping the resource for domestic use, high freight rates and lack of demand from China, have halved overseas sales.

Click here to read the full Reuters report.