As India iron ore rusts, China eyes others
"India's iron ore supply is not very stable. Who can tell what is the policy about the iron ore? Chinese companies are looking for alternatives," Shi Ming Li, Assistant Chief Representative, China Minmetals Corporation, said.
Last fiscal, China imported 15 per cent of its iron ore from India especially Goa, which is less compared to earlier imports.
"India should have stable and transparent mining policy which is important for miners," Ming Li, representative of the state controlled Corporation said.
He was in Goa to participate in the International iron ore and Steel Making Raw Materials Conference. He said that China already has alternatives which can be explored to face the deficit.
"Its a turning point for international iron ore market," Ming Li claimed, adding Brazil and Australia has lot of capacities which can be looked up to meet the requirement.
China, which has been sourcing the iron ore from Australia, Brazil and South America besides India is also looking at countries like South Africa, Iran, Ukraine, Congo, South Africa, Zimbabwe, Indonesia and Venezuela for the steady supply of the iron ore.
Ming Li said China hopes that exports won't be banned from India. "But it is for the Indian government to decide their own policies," he said.
China does not have long term agreements with India, which usually opts for spot pricing.
Indian traders too concede the