The Union minister for Steel, Mr Virbhadra Singh said that the government may ban iron ore export to countries, including China, apparently to ensure adequate supply of ore at reasonable prices to domestic steel industry. However, it will encourage ore export in the value added segment in limited quantities, in a bid to attract foreign money in the country.

Mr. Singh, speaking on the sidelines of a function organized by Assocham added: "The emphasis of the future steel policy of the government would be to discourage and restrict exports of iron ore just as China reserves its iron ore for its own industry and US continue to preserve reserves of its crude."

He further said that government has not taken any stand to disinvest Steel Authority of India Limited (SAIL). He hoped six to eight per cent growth of steel industry in the ongoing fiscal, given the government's move to spend more amounts in the infrastructure sector.

The government will also speed up the process of granting ore license to companies such as South Korea's Posco, in order to ensure speedy implementation of green field projects.

Speaking on the occasion, Assocham President, Mr Sajjan Jindal hailed the decision of discouraging ore export and hence saving the interest of domestic steel industry.