India Stops Iron Ore Mining

Reuters reported India’s Goa state temporarily halted iron ore mining from Tuesday to check if operations were legal.

As quoted in the market news:

Shares in miners, such as Sesa Goa Ltd and Sterlite Industries, fell more than 5 percent on worries over cuts to output and exports by India – the world’s former No. 3 supplier of the steelmaking ingredient.

India’s iron ore exports, which mainly head to China, have already halved because of government taxes aimed at keeping output for the domestic steel industry and efforts to stop illegal mining.

Click here to read the full Reuters report.